FOR SURE you can write a back up offer... and if you want it taken seriously spent a few hundred and have your attorney write a letter to the owner.. tell them your interested in the property and you understand its under contract .. and if for some reason it does not close you are willing and able to close under the following terms and conditions.. 

I also see no issue with focusing on higher quality areas, but I do question your unwillingness to do any rehab work ... buying below turnkey retail market value and then forcing appreciation back up to retail market is what allows you to cash flow well in such quality neighborhoods and cushions you to some extent from the short term market fluctuations, even (and especially) if your plan is to hold and not flip ...

I have heard the housing has gone back up.

Overall, the whole property needs some serious TLC and about 10 new tenants.When talking to the owner, he suggested that he would evict the HUD tenant based on property damage, and raise all rent to $700 before he sold because he knows it's too low (to me this screams turnover and lost income... though I don't think it would take long to fill it back up due to demand, but lots of time, energy and $$ to get them up to standard).Overall, I do believe my vision would work... fixing it up, only allowing qualified tenants, and making it a nicer apartment in the community (I think we could get $750).  

When I need to dip in to the reserve in the future, I'll simply do the same thing (apply all immediate cash flow to reserves) to build back up to $10k.

I know this may not be what you were after, but just as a backup - you can always give that judgement to a debt collection company and have them handle everything.

I would make sure you have good management in place and back up options or not invest in WV while living out of state.  

Sort of a hobby, sort of a back up plan.

I told her that was fine, and that I would follow back up with her. 

The range in question would be a Comstock Castle with a flat-top/burner combination.