If you want a non risky challenge try and find a deal to wholesale, it has been hard on me so far and new pockets of chaos keep popping up in my pursuit of a first deal that have taught me how difficult it can be to find a good deal or do real estate. 

I've got the PM in place when I go to buy whatever is next.I'm glad the results of your contact with your local government was positive.  

Most of this non-legal advice in this thread is pretty good.

Although less strict that what is required of a public offering, raising capital for syndication or similar deals still requires the proper framework and legal documentation.

At that point buy a SFR & you'll just have to pony up the 25% down payment for the next non owner occupied rental.

I would check your house here: public records search.

@Bruce Mackay Then what you need is a LOI (letter of intent) or MOU (memorandum of understanding) that spells out the material terms which are not subject to re-negotiation later but which letter/memo is non-binding until a final agreement is signed. 

I actually bought my home, which was a bank REO, sold at a public auction years ago.I actually met with the bank officers in charge of the REO they just sold to me, and asked if they have other REO's that I can look into.

@Justin Y.The rental income will qualify as earned income if you are actively managing the properties.Here is what IRS Publication 560 states: https://www.irs.gov/pub/irs-pdf/p560.pdfNet earnings from self-employment.

Hey BP, Does anyone have any tips using public records for pre for-closures ?