Understand the fees involved and calculate the total cost for an entire year of management so you can compare the different managers.

Is it possible to have the seller cover a 5-10% commission (built into the price) to you if your representing yourself and getting traditional financing?

Folks who tend toward absolute returns  have looked at their 'why' for investing and compared that to their available capital and investing options to set a hurdle rate that every investment must meet.

Rehabbers always want the place on the cheap:)  My best REO resells came from retired folks or young folks that had trouble getting a traditional mortgage.

Price compare the 2 complete packages and go from there. 

The market rent we are seeing in comparable places is between 1,100-1,350.

I would definitely compare all options to see which would be the best route to take. 

I am torn between something safe (traditional/high interest savings acct.) vs. opening up a Vanguard Index and withdrawing the necessary amount when needed.

We just welcomed our first child into this world this past March and we would love to teach him that traditional ways of earning money are not necessarily the best ways of earning money.We're looking forward to connecting with others and hopefully adding value where we can.

Find  property with  very low rental rates compared to the market or that you can re-configure/change the use on.Even land is probably a good thing to look at in your market.