If you can follow Warren Buffets #1 rule in investing, then feel free to invest that $15k. 

Look at it this way, if you paid $50k cash for the house and rented for $775 per month, using 50% rule for expenses, your NOI would be $4,650.

@Manon Sheiman here are your answers:For conventional, conforming loans (Fannie/Freddie loans) the rule is 6 months to receive cash out. 

@Jay Hinrichs , I've seen a bunch of people posting against the rules lately, you're right.

As a rule of thumb for myself, I don't invest anywhere I wouldn't live myself.

Would love to know what the rule of thumb is (if any) for assignment vs double closing in CT.

All counties have their own rules and contact them to get the details like frequency, the time, and where they are held,Most counties have what is called a "redemption period" of time that the previous owner will have to pay the taxes that are owed. 

Cap Rate: Looks respectful but some one here will brag it is not highCash Flow: + goodness directionI will check with Association looking at lawsuits, restrictions and income statement that show they will allow you to rent to others.

I think the general rule is that those do not count toward you COC as they artificially inflate it temporary, and then when you actually realize the expense, they would count against it worse.

You won't get the appreciation you do closer to Portland, but you might get numbers closer to most of the "rules" you referred to.