Blow holes in this! 

They know the average joe blow has that small amount of money.They want to extract as much as possible until they run you dry.This is the same in the real estate broker/agent business.They know 90% fall out of business in the first year so they suck you dry selling you everything under the sun.Stick to this forum.I don't give these types a dime.

It has worked for 10 years with no blow back. 

Besides the Vacancy thing that Tim noted above, that is a very low capex#. one major fix and that will blow that deal out of the water

I'm not advocating that approach 

If your target counties auction online, well that blows some of the strategy or makes it more difficult.  

The bank isn't going to let you blow their money.

The investments he advocates are usually mutual funds for long term.

Good point Jean, there is more corporate welfare than social welfare.I never hear those advocating slashing social benefits to save money ever speak of slashing the big bucks handed out to corporate bottom feeders.We gotta get back on topic or we'll get moved to the off topic forum. :)

UPDATE: If you have concerns and want to share your opinion, here is your chance:Councilman Tyrone RileyToledo City Council District 1 Hosts Public Meeting on ProposedLead Safe Residential Rental Units LegislationMonday, August 15, 2016, 6-8pmGesu Sullivan Center2049 Parkside, Toledo, OhioRepresentatives available from Toledo-Lucas County Health Department, Advocates for Basic Legal Equality, Toledo Lead Poisoning Prevention Coalition, and Real Estate Investor’s Association