If you find a property in the sweetspot where you can attract professionals as well as students vacancies will never be a problem. 

If we sell it we may get $120K I just saw a ranch that was listed for $160k which I thought was crazy high, sell in a week right down the road on a Main Street.

The property is in Maine with a 7.15% cap gains rate.

Mainly have tenants deposit rent directly into my bank account.

I know its not legal.. but I self insure myself in that regard. some say its recession proof and some say not.. my banker says not.. he says when economy gets tough they just won't spend 200 bucks a month to store their stuff they either up and leave it or move it somewhere else.. so that's two opinions.my units were quite unique one they were A class and two right across the street from 300 floating homes and all my tenants save a very few had house boats.. so I kind of had a captive audicance and once I got it converted to mainly all houses boats..

My major concern is the tenants were all accepted just to fill the house and make it look more attractive to a buyer.

I would recommend getting closer to main attractions/beaches.

The main concern I have, is that the property has asbestos siding, and I have never dealt with this.

I was a winning bidder and was very surprised that the unit was not destroyed inside, but mainly needs new flooring.   

When you run the numbers on buy and hold rentals in specific Midwest properties it’s very attractive.