Some folks swear by one over the other, but honestly, it depends on what you're looking for.

You should also check the Cleveland market where 1% rule still exists.In terms of cash flow, depending on the market you are interested in.

Holly- It would be very hard to find a turnkey property at 50k especially the market we are currently in depending on the state.

Typically it involves just stuffing insulation everywhere but it can involve - depending on budget and customer goals - other features such as eco friendly siding and eco friendly insulation (we used recycled blue jeans one time).If the house has been deemed historical by the City and you have to work with an Historical Committee, then you will have your hands full.

Depending on your risk tolerance, explore and consider the following strategies to achieve cash flow: short-term rentals, medium-term renewals, or rent-by-the-room.

The cost depends a lot on how many feet are being replaced. 

Generally parks run between 30-40% expense ratios with a lot depending on how utilities work.

Depending on your statutes you could switch to a "per day" late fee.

It depends on what your family is willing to accept.If it needs to be moved immediately, then probably as a gift. 

@Bruce WoodruffI guess it depends on how you define "real risk."