If you are open to multifamily, there are several properties in old louisville that meet your 1% rule, but those 100+ year old buildings bring with them other challenges to keep in mind.  

It's really easy to cover up shoddy work and it's really challenging to find ones that are done right.

If the aunt does not have the financial resources to pay off the lender, then the property may have to be sold to satisfy the lender.

The challenge I have with some of the people on this forum though is that they make very direct assumptions and give advice about specific people without ever attending that persons seminar, without ever discussing the program with the person directly or without even discussing the program from someone who has attended the seminar or bought the product.  

if so, what Challenges have you faced here and how did you overcome?

I will be interested to see what the veterans say but I think it will be challenging. 

My wife Lauren and I have developed properties in Greenwich over the past twenty-five years; it was a challenging leaning curve with the vast changes in Planning and Zoning and the increased demands from clients.

Most of the time any websites comps have challenges.

You should be able to purchase up to 5 properties with a mortgage before it becomes more challenging.  

With more challenges to conventional lending, a lower median income than Anchorage, and a little uncertainty in terms of taxation, staying in a rental might have it's appeal for awhile.I remember the decline from the eighties, this is not the same story.