I will pop 1 to 4 deals a year from newbie agents bringing me killer deals on a platter IE they don't know what to do with them and I have a reputation of buying said deals... :)

The first thing that popped out on this post was that the homes were "paid in full" This is GREAT but it tells me that you're not fully leveraging how the market works.

I stopped  doing that as my eyes were about to pop out of my head, reading page after page of small print- just to find the street address. 

So you'll need to be sure you are prescreening so you don't waste your or your applicants time.....have a sheet you can email or read off over the phone saying your requirements for tenants....income, no evictions, judgements granted to prior landlords, etc...and know the tenants with big problems want to find a ma and pop who they can talk into letting them move in--playing on a landlords desire to avoid vacancies and just get the process over with.  

In order to avoid the dreaded nail pops in the future, we hang our drywall with screws instead of nails, then bring the crew in to tape and float. 

Your typical rental is generic with a couple features to make it "pop" and stand out.

I believe FL and OK markets are right up there if you're looking for cash-flow.http://finance.yahoo.com/news/best-cities-mom-pop-...Best of luck.

It’s the crossroads of a large neighborhood (pop. 60,000) called Highland Park in northeast Los Angeles.

If they fail to make lease payments, evict.I think I saw this pop up on CL this morning.  

If these sellers are not "wealthier" owners, just mom and pop types, they may have issues in their retirement planning, their health concerns and their ability to qualify for health benefits, holding a note can be a blessing or it can cause a chunk to be lost.