@Tricia O'Brien I really couldn't tell you anything but Montgomery, but from reading a lot of different articles and reports about "hot cities" to invest in, Birmingham has been listed in like the top 10.

Looking for anybody out there that has direct experience with subject to in new jersey / pa in specific.

Also, if I leave my job, I believe the loan becomes due and if I don't pay it I believe I am subject to a 10 percent penalty as well as a the balance considered income and therefore taxable - basically an early withdrawal.

Unless you had enough money to buy 10 cheap ones and 10 nice ones, your "experiment" and your landlord reality will be subject to chance. 

I don't really want to risk the due on sales clause resulting from a subject-to transfer, and getting a hard money loan to buy the house outright seems like a waste if i can instead setup some type of joint venture. 

Steven, I know the llc provides some asset protection for us, but if I do 1065 am I subject to self employment tax?  

Besides, I can always filter down for round 2 if round 1 doesn't work.Adrien Schebott One area is extremely hot and the other is warming up.

All owners and tenants are subject to a background check. 

In most cases, they just don't trust the investor.What are investors trying to accomplish with "buy like rent, lease option, option", In most cases it is to BUY TIME to find an assignee or to flip the property.Here are some ideas you may want to try on for size:Write a contract of sale (I use a skinny contract, one that anyone can read and understand in a few minutes) with a delayed settlement (for as long as you can negotiate), with right of possession or if occupied right of entry), and "subject to the existing mortgage"Skinny contract of sale with a Study Period, with right of possession or if occupied right of entry.Make full disclosures 1.

There are also many affordable books on the subject of flipping available on amazon.