They're also finding it convenient to be close to public transit, entertainment venues, sports complexes, gourmet restaurants, and museums.We see this across the country from Brooklyn, NY to Chicago, to Los Angeles.

For a bit more rehab, could turn it into a 2/1 with an attached 1/1, and even reno the garage for another 1/1, with good rents over the winter months. 2) SCRAPE AND BUILD: On the other hand, I approached a high quality local developer who proposes we do a JV- I bring the land, he brings his reputation, expertise and oversight of the development and construction, and clients- he has several would-be buyers looking to build in the area.

2) How do approach the deal with the other party ?

There is only one foreclosure prevention approach that really works - pay the mortgage in full and on time every payment period. 

Hi ,I have have been buying & holding single family homes for 30+years as an investment approach outside my occupation as an engineer/consultant.

How do you approach them, what do you offer, etc?  

There is a ton of different ways that you can approach investing.

I recommend a hands on approach.

@Joe Bob-have you approached the tenant about buying the property?

Developing that trust with someone you don't know may seem like a challenge, but if you approach it correctly, you should be able to achieve a pretty solid foundation before you engage.One way to approach this is to look for investments with professional administration.