I do not have this foundation, so I maintain, my value is in my skills (for now).

So if your property is worth $200k, and you have a balance remaining of $100k on the mortgage, you could do a new 30 year fixed (or whatever your lender offers) for probably around $160k ($200k minus the 20% they will require you to maintain in equity in the property).  

I usually run my numbers like this...Rent minus mortgage, taxes, insurance, management (11%), maintainence (10%), cap ex (5%), vacancy (9%)After all that I aim for $150 to $200 per door in cash flow.Mike

I know that there are companies that are a little spread out geographically and handle the purchase, rehab, and placement of a tenant, but I would be less confident that they would maintain a presence in that particular location.

You also have to pay a fee to maintain access to it. 

The house is an older home built in 1880, but it has been maintained well.

It is a 138 unit in Wilmington, NC. 1984 construction well maintained property with a nice value add component.The property is currently being owned by 2 brothers, who have a construction background and have a in-house manager.

I'll also be contacting the REO list agent to see about getting the preliminary title if available.This actually all started by me asking, 'who maintains the road'.Thanks again your were very helpful and explained this in a way I could understand.

They took possession July 2012 and have been maintaining it since with the expectation that they will own. 

I think there will be some things along the way that you may not particularly like but as long as you remind yourself that these are temporary steps along the way to bigger and better things, you'll maintain your motivation and perspective.Ten rentals is aggressive but that was also my intention.