If they buy a house in the winter you could be in a difficult situation.I suspect if you pressure them into a 12 month lease they will just break it once the buy a house and then you will have to chase them in court to try to recoup your owed money for the remainder of the lease.

If you close with an LLC (as you should always do on investment properties) it is much more difficult and will require a higher deposit.

I agree it would be difficult for this to be a stand-alone business unless you were able to do it in multiple geographies.As for your question about an agent.

Claiming cap rates anywhere from 4-8% but I still not sure I trust cap rates from sellers.

In the current financing environment you would think that condos and townhomes are perfect price range for first time buyers, but few are FHA approved any more and some are what we call non-warrantable which makes financing more difficult. 

EZ to read sometime difficult to execute.

It will be difficult in the beginning but once you set up a system (ie deposit rents on a separate bank account, set up autopay on bills from the same account or separate credit card, etc) should be easier since most transactions are re-occurring.

Sure, rough numbers are ~300K asking, I value it at ~250K, about an 8 cap, 9% CoC, located in the KCMO market.

One of the biggest question is the cap expense value factor if you can do that by not adding any foundation. 

We often hear the success stories, but not the difficult ones.