My thought is give the tenant a large incentive to make sure the cat does not damage anything.

Gives them an incentive to get out & about.

This is one of the biggest factors that will determine when I can walk away from my full-time job and pursue real estate full-time.

the biggest questions would be what does it cost, how many repairs are needed and what will it sell for. 

The previous owner had 10 acres in 1972 and then decided to subdivide the lots but kept the biggest lot for himself, hence the one acre.

The home owner incentive to sell is the foreclosure, which means you could bid him at say, 100k even or 105k so they have something left, that gives you up to 30k in repair costs while still maintaining a 20% profit: sale for 200k (ARV) - 40K 'profit' - 30K in repairs = 130K purchase - 105k (owed+cash walk away) - 5k (wholesaler fee).

While there is ALWAYS a learning curve, if done right it could be very sucessful. the biggest issue she is going to have is 2.5k is probably not enough down.

Hi Jonathon,Lots of things to consider:1: One of the biggest expenses will be water and sewer, if the city provides and the tenant pays it may be worth considering if the numbers are right.  2: Who owns the homes, if you do expect to do a lot of maintenance that will eat into your profit, if they are all tenant owned that's one less thing to have to worry about.3: How are the roads, if they are torn apart this can be a significant one time expense that will need to be addressed sooner rather than later.4: Is there any empty land included or adjacent to the property that can be used to expand in the future.Hope this helps get the ball rolling.Regards,Omar

As @Marcia Maynard Stated, the "Owners Mentality" is the biggest problem!

@Peter Grosso The biggest problem you will have is DTI.