That combination of requirements and preferences has given us a set of excellent tenants.

So your coming on here and raining on someone's parade with excellent results is really not helpful.

Listed it Last week and expecting signed contract by tomorrow with what looks to be excellent tenants. 

Aside from the excellent points that @Dennis Yosco brings up, one thing to keep in mind with Newark is that much of the city falls into different historic districts, and the Historic Department can be tough.

I THINK the downside is that in order to make a living, you would have to purchase up many of these tax certs and then wait for the end reward to come thru.Here is some information I obtained using a quick search...Tax Lien Certificates - Tax Deed Sales In Florida FL Florida is an excellent state for tax lien certificate sales.

I would 99.98 % hire an attorney for Illinois REO propertiesFrom my past personal experiences ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~I hired an attorney out of Libertyville and she caught tons of mistakes the Closing company and my agent did not noticeShe gave excellent recommendations for the property surveyFYI- REO (seller ) tried to charge us a lot of misc fees that she help removedI really appreciate Illinois Real Estate attorneys

They had been there 2.5 years, are excellent tenants, pay early, and are better than the neighborhood.

The other house we looked at was an excellent deal and we were so upset as the day we looked at it they took it off the market and we couldn't put in an offer.

Now that would be bread and butter, leave you with excellent cash flow.

Jordan,There are single,double,and triple net leases.The ability to re-purpose the building fast and cheaply is key.Certain corporate tenants with the building design if they go out you have massive costs to get it to a rentable state for another tenant type.Case in point I know a Sonic building that has sat as a foreclosure for a year.To re-purpose it you would have to take out the drive thru stalls and the building itself is so small you can't do much with it.One key area I didn't see touched on is that YES with a TRUE triple net you do not pay for anything.With other single or doubles you might get a little more but pay for expenses so it's almost a wash in the end.The lease is guaranteed and you get mailbox money.The down side is these tenants have rents stay the same amount for long periods of time before any increases and when it does increase the rate is marginal.So when inflation kicks in year after year the returns are diminishing.If you are trying to protect your money they can be an excellent investment.Tell us more about your situation which will help.I like corner locations or right next to the corner as they hold value and are easier to re-purpose and re-rent.Even though the rent doesn't increase as much the land should be way more valuable in time unless the area dies off and growth migrates elsewhere.You can also assume loans at sometimes 90 ltv putting down just 10%.The reason is lenders see these loans as having little risk and low chance of default.I specialize in multi-family and also triple net so contact me with any questions you have.