Are you talking about a purchase price of 1-15k?

When you hear about investors using leverage to grow their portfolios that is exactly what they are talking about.

I know that the maintenance information I would get from talking with the seller, correct? 

When people realize that you know what you are talking about, they will take you more seriously even if you LOOK like you are 14.

However, my California RE mind sees the prices vs rents and am bewildered by such statements.As of now, these are my desires in properties:a house or townhome built after 2000 - I prefer after 2003 turnkey condition MOST PREFERABLE, but not necessarily a requirement at least a 3+2 neighborhood well kept and not too much crime $50-$100K, short sales are acceptable Close to transportation and/or the fwy Relatively close to downtown and the airport (10-20 min when there is no traffic)Seeking cashflow, appreciation much lesser priorityFor rent of 800, the PP cannot be exceed 60kFor each additional $100 of rent, the max PP can only increase by about $12.5k.If you see immediate issues with these desires, PM me so that we can talk about it offline.

If someone tells you it's a good idea to rent it without doing all the math first they have no idea what they are talking about.

I have talked with the tenant and he is willing to pay $130,000 for the house.

I would talk to @Lloyd Ball.

I'd be happy to meet with you to talk some RE when you're in town so keep me in mind!

Not a bad investment to fly out and spend a day driving around and talking to the neighbors, you'll learn a ton from them about the history of the area!