And then get some short term financing for the repairs—- if you have an LOC,great!

@Mark Benevento the short answer to your question above: 5% won't cut it.

Know what you expect your investments to deliver in terms of finances, while remaining mindful of the long-term and short-term advantages of real estate investing.While creating your investing strategy, think about the purchase price range, as well as the cash investment needed for each property.

I try not to rent to those types -- the dude is practically guaranteed to split one fine night with a life-is-short-I'm-sorry note.

Long story short we decided instead of finding another Manager long distance and new renters we would rather go ahead and sell the house.

Also, many homes in foreclosure are short sales and you can't assign contracts on short sales.

I realize there are many people who do it successfully out of state and remotely HOWEVER a big part of this game is mitigating risk and I feel there's no easier way than if the property is a short 15 minute drive

Short version: 4 adults (family) rent our Townhouse on a 3-year lease.

We really want to close, because we are getting these units at a premium price and well below ARV. 

As a marketing guy (a short time a number of year ago), I might suggest that you make some copy print with 3 or 4 different levels of "partner" or similar deals.