After 3 years of ownership, I typically see my buyers achieve 9-10% cash on cash return with an annual appreciation rate of 9-11% a year in those areas. 

When they do go, it is fast an furious.

You need to just take the home you want to do this with and get some pricing (and make sure the city will let you do it). 

TxDot has made an offer on a portion of the land for upgrades. 

Sonny and Matthew, Thank you so much for sharing your insights—I really appreciate it!

@Randall Ayers did you ever get back in contact with next-financing?

And I would argue purchasing is easier than managing.Luke 14:28-30 For which one of you, when he wants to build a tower, does not first sit down and calculate the cost to see if he has enough to complete it?

I use Zillow to list and screen tenants.

I'm not a fan of any script or gimmick that gets in the way of an authentic conversation with a potential seller.

Readers should seek professional advice.