I have not felt scammed, but I don’t trust anyone when it comes to screening.

With your budget, you could potentially get a pretty solid deal.

Additionally, I could enter the fray of the council meeting putting as a potential buyer, describing my idea for the property and helping sway them into allowing nonconforming use.

@Matt Everling I wanted some diversification outside of my Florida market and I looked at the up and coming areas in the midwest with good potential for stable cashflow and lower entry points.

@Joel Scarboro You have the potential to benefit from a cost segregation study, but determining whether to do a cost segregation study or not has a lot variables. 

EDUCATE YOURSELF - yes, it will take time, but will lead to a selection that better meets your expectations & avoids potentially costly surprises!

Use BP Calculator(s) to show the potential investment returns.

The area around it is the fastest growing in potential revenue per sq ft.

I wouldn't touch Cleveland personally it can't and shouldn't' be compared from an ARV potential it's a cash flow market strictly. you can't do the strategy you are talking about when the average home is more than 60 years old in Cleveland and sells for $120k or less. hard to change those economics.

One potential way to structure a scenario where a long-term tenant of a single-family home can receive homestead exemption is for the homeowner to designate the tenant as a co-owner or co-borrower on the property.