I always thought PM would be a tough business to make money in unless you managed a bunch of properties. 6-10% of rent before taxes is tough.

Scott The Book on Flipping Houses,The Book on Estimating ReHab Costshttp://www.biggerpockets.com/flippingbookLocate and attend 3 different local REIA club meetings great place to meet people gather resources and info.Consider checking out HUD homes for small multi's owner occupied gets first crack.You might consider Niche or Specialized Housing like student housing.

You might consider Niche or Specialized Housing like student housing.

Just came across some interesting properties on auction.com, and they do offer special warranted deeds, I guess it is better than quit claim deeds, which you don't even know if the seller has the right to sell.If you receive special warranted deed and clean up the ones that bank didn't, you are good to go, and may flip to next buyer who would take mortgage.Anyone has experience with special warranted deeds, care to share?

It does give you a lower barrier to entry than many other investment properties.While it is tough to get any cash flow in this general area with that method to start.

@Shaun Reilly I think you're right, if this guy is a problem, give him a 30 day notice.Massachusetts Lead Laws for Housing are tough but not impossible, do you have a copy of them?

I see basic legal services, such as getting a Will in such an arrangement, but not specialized areas of law, I want and would require for my clients a higher degree of local expertise.I understand having the idea, but I don't think it's a good idea, at least as to closings.

I know that I would definitely have to research HOA's financial standing when looking for a unit to buy in order to avoid those special assessments.

Finding a good PM is tough.

If you're using the MLS to find properties, tough though, they will be listed and you'll be acting as agent on the buying side.