@Jai Kumar careful setting up LLCs if your in Callifornia they have a minimum franchise tax on LLCs you need to first talk to a good licensed tax professional in your area to structure to limit your tax exposure. 

I see turn key mid west as more of an opportunity for those that are priced out of CA and desperately want to own rentals to get in the game.. or if you have excess capital and want to continue landlording.To sell prime CA and reposition ..

Make sure there is not excessive deferred maintenance (again: roff, or siding, structural problems, etc.)Finally, is there any (realistic) chance of appreciation or is this a pure cash-flow play?  

This seems like a great way to invest excess income in something tangible.

Investments can be made in very small increments - (10 GBP and up on some sites)- and thus spread over 10's of opportunities diversifying  exposure and risk to any one project.

We are in an area though where the police lean towards excessive enforcement when it comes to students.

This can cause damage to the side of the building, excess water retention, animals jumping on the roof from the tree, trees popping up your sidewalk with the roots  and also cracking your foundation in some cases.50's and 60's come with their own issues as well.

You get exposure to little neighborhoods you might not know that they even existed.

You will still be able to redeem, but the interest will be huge.In Alabama, the bid amount over the taxes is called the "excess bid."

Most likely those clauses would be deemed "contrary to public policy" and you'd be liable for the excess rent, and there probably is no current written policy regarding it.