For a less experienced REI such as myself however, I don't think 'long-distance' rentals is a good strategy -- sounds like people chasing the next shiny object. 

Our objective is to provide safe, healthy, and efficient homes for our tenants that are a good value for their money.  

The current owner address is in the same neighborhood, is a self-employed professional, who has had past state and federal tax lien issues in the triple digits.

Tag a tenant with some expense and hope they don't show up in court as you attempt to get your judgment, otherwise if they object, good luck winning, much less collecting.

In 2011 an Order of Notice was given by the Land Court/ Trial Court Department from their bank to object to a foreclosure proceeding.

If not, you can still get a second FHA loan if you have any of these exemptions:We do not object to homebuyers using FHA mortgage insurance more than once if compatible with the homebuyer's needs and resources as follows: A.

Pepper spray, stun guns, tasers, knives, handguns, hard objects for striking (kubotons or other things that be put on a key ring) are legal to possess, carry, and use in some areas and not in others.

If you go to foreclosure you need to pray the borrower doesn't object and seek council or read posts on BP.

As @Jay Hinrichs  is pointing out, CHEAP pricing, especially compared to where you live is nothing more than a shiny object that gets investors in trouble.  

My objective was to pitch a lease option deal (which is why I posted in this forum) that would allow me to put down a minimum amount of option money to reserve the right to purchase the house in say, 2-3 years.