I have finally convinced my wife to buy a smaller house of her own that we can live in, maybe somewhere near rifle, co. At

Just my two pennies worth, but hope this helps! 

After four years of living over the road as a trucker and pinching pennies, I feel like I've been living like no one else. 

The beauty of that is every penny you pay each month to pay the HELOC is tax-deductable.

You can get them for pennies on the dollar.

Before buying, you will want an experienced engineer to go on paper with an assessment of the place and this will cost you a pretty penny.

During which foundation work was being completed scrappers broke into building and stole all the copper plumbing and electrical wire.

I told them I was all cash at $75K, no contingency or inspection and quick close and not a penny more. 

If I get a lot of "it's been like that for years, no one ever complains" or if I see that repairs have been made in large part with vinyl electrical tape, caulking, and two or three extra coats of paint, or quite simply if the unit is a dump, I am not afraid to tell them it simply does not meet our standards, and that it severely limits the quality of any potential tenant pool.

Remember it's not just the monthly cash flow, but the paying down of the mortgage, and the appreciation.I manage for owners who don't make or make pennies monthly, but theirs is the long term asset plan.Find a good manager, set aside a couple of K for expenses and vacancy because they both will happen, and enjoy the wealth building.