All I'm asking for is this month's rent plus the late fee (even though I gave then a 4 day extension due to the circumstances).I called them today (as previously discussed) asking if they were available to pay rent (which they said they would be) and it turns out, in his words, that since he didn't sign a contract with /me/, he's going to have his mother (who is also on the lease) to call me tomorrow.

But this is a select few.  

Over time I have learned to be very careful and risk averse in selecting tenants.

Once I selected a property I could select a tax year and see the address of the person paying taxes.  

I know in Oklahoma you have some kind of land contract or contract for deed that allows you to buy the property with low down and get on some kind of titleNow your exit strategy can be to rent it out or to resell it for cashAnother strategy is to buy it subject to or subject to existing financing, or you leave the financing in place and get the DeedDodd Frank and Safe Act do not apply because it is an investor to investor transactionYou can also look at lease-option assignments where you enter into a lease option and then sell your contract for a fee which is brokering the contractOklahoma City I really enjoy; a great marketplace because of the rent that you can get compared to the fair market value of the houseIf you want to win at real estate I would get a real estate license and find a broker that will allow you to do creative transactions, which include Wholesaling, and Creative financing as a principal buyerI have written extensively about "how to talk to Sellers" at BiggerPockets for the last eight years or soGoogle "Brian Gibbons negotiating with sellers"Happy new year and good luck!

Security is essential - these places get broken into quite often.Your tenant, if not already licensed, will have to go through an extensive background check that also requires site visits to ensure compliance before they even get started.  

Good luckTerm Length: 2 years with 1 year extension optionProperty Types: Single-family detached residences, 2-4 unit residences, condominiums, and townhomesSingle Property: YesPortfolio: YesMinimum Loan Amount: $50,000Maximum Loan Amount: $2,500,000Maximum LTV: 75%Minimum Credit Score: 660Debt-to-Income for Borrower: NoneMinimum Number of Properties: 1

"Buyer" got served the counter suit and their counsel has filed for an extension to answer.

I have seen REO properties in these areas for as little as $16,000 but, the repairs needed to bring the property up to par to either hold the property for cash flow or sale is extensive.

More facts on the deal:It's located in Maine near lakes and a ski mountain (35 mins from Portland), but houses tend to sit on the market there for a while due to a small pool of buyers.I have a candidate lined up to rent the place at $1450/mo plus utilities with good income, credit, etc.Only expenses are taxes ($2200/year) and insurance ($1600/year) as I now own it outright If I put it on a year lease (which is what renters want in this area) I'll be back in this position in a year from now and could extend the lease or sell it.The house was extensively renovated so this is the only time it will ever be "new."