My idea of getting into real estate investing was coming up with 20% of your own money (that's 60k where I live for a low end property), traditional residential mortgage, net maybe $200 a month if I was lucky and repeat the process when I came up with another 20% until I had maybe 40 properties.

I've noticed that for the most part higher price = better quality like anything  We were also looking at a Condo that is significantly less and decent condition (don't really want HOA Fees but the rent could cover payment and HOA) @ 70K, but we could only rent out a 1 Bed/Bath.  

Properties are generally much cheaper relative to the rent they pull in, than in NY.3) Lower fixed costs - lower real estate taxes for starters relative to your rent roll, etc.4) Lower variable costs - labor is A LOT cheaper here.  5) Less stringent code enforcement.6) Less maintenance - milder weather, and younger average age of homes make for less maintenance.   7) Diversification - low entry price to buy property allows and investor to manage risk by buying properties in different neighborhoods instead of putting more eggs in one basket.In additional to the benefits I listed above the city is growing so fast that homes rent very quickly, often times before the sale of the home.  

I asked my realtor why the low price and the previous owner owes $119k and is trying to leave the area.

I will be moving to Scottsdale sometime later in 2017, but for now will be spending a few weeks at a time here and there transitioning my businesses and getting involved with potential rehabs & flips.I am looking to leave the hustle and bustle of New York to live a different quality of life (oh yeah and to hopefully never see snow again!)

Your lender is giving you an opportunity you wouldn't have otherwise (to buy, rehab, rent, refinance and repeat) and in this instance, looks like a fair (even low) price.  

We stopped using bandit signs becasue it cant be a real hassle and the respone rate in my area was very low.

Challenges could include:Having the population to make it a sustainable day-to-day venture.Finding quality staff is tough these days, don't care what you pay them.Breakdowns/serviceInclement weatherPennies on the dollar at exit If the truck does say, 1000 bucks and after labor/cost of goods the operator's left with 500 - 600, then has commissary expenses and a possible split with a partner(s)Ehhhhh...burnout.There were dozens of trucks here 5 years ago and only a handful have really survived the grind. 

I'm starting off as a no to low money down type investor lol with so much more to learn.

There are quality public schools in the area and many local attractions.