Sounds simple. 

It may seem like a simple thing, but reaching out in Bigger Pockets about getting started in real estate investing is a huge first step.

Only the most desperate renters would probably agree to live there so the price of the property would have to be dirt cheap and cost you as little money as possible in the rehab to make it worth the effort.Your gambling that the surrounding area will be gentrified in the next few years and increase the property values.If this was in Southern California I would say yes absolutely but,the ATL may be a little harder to wait for unless the population booms there in the next 5 years.

My long term real estate goal is to purchase rental properties that cash flow and create passive income that I can use to roll back into my investments and increase my portfolio. 

@Albert Bui Nope, that's too simple.

It seems to me like an easy 3% ish percent equity gain or a way to reduce the loan a little and increase cash flow a bit for almost nothing, that's my thought any way.  

I do not want to purchase a condo for the simple fact that I will want to be very involved to ensure this sort of thing doesn't happen again.

You can do the same work by setting up some simple screens in your local real estate webpage (in Houston it is HAR.com).

I researched the design and did simple yellow postcards with phone number email address and website.

A quit claim deed is fairly simple.