@Carl R.CCR is short for Cash on Cash Return on Investment. 

During the process of looking for a house I came across one the Biggerpocket YouTube videos and absolute loved the idea.Instead of taking our saving and putting it towards a mediocre house that would appreciate in short amount of time, why not have the 4 walls work for me instead the other way around?

We did this for a short period in FLL and most owners did not allow subleasing.

I'm guessing the bandit signs and mass mailing to absentee owners will be the biggest lead generators.Also thinking about issuing some short term hard money loans.

short answer you CANT  highly risky. 

Anyway that's the short and simple but like i said read the blogs listen to the podcast and connect with others it will fall into place faster than you think if your dedicated.

Short sales are no fun.

@Joshua Lee Wegner you can't stop the train if this is slated for sheriff sale...unless there is a redemption opportunity...but you'd need to settle the property owners debt to bring the mortgage current...this doesn't sound like there is any opportunity to acquire this property...it's too late...the only opportunity with these is to negotiate with the lender...sell it short , maybe...have you spoken to the lender? 

I love the idea that @Eric Sullivan employs both the long term tenant and short term tenant strategy to create cash flow!

The neighborhood is still a little rough, but the city is putting a ton of money into the surrounding area and we should see some increases in property value very shortly.