I sent you a message with an additional one.  

Looking at this as a strategic addition to my portfolio.

Section 8 would tend to carry higher repair and as a result, additional vacancy.OP’s definition of cash flow is rent minus piti.  

An emergency fund needs to be liquid, and immediately available to you in addition to being low risk and protecting principle. 

We’re fortunate to have an above-average income and live well below our means.This summer, we’ll be moving to Detroit (PCSing in August), and we’ve saved about $120,000 to invest in addition to having funds set aside for the home we’ll purchase in Detroit.The reason I’m posting is that I’m struggling to decide how to best allocate the $120k.

The most important rule is to have the cash flow of the new property be able to pay all its expenses, mortgage, AND the line of credit back.

In addition to property sourcing, I require an agent who can negotiate effectively on my behalf, ensuring I secure the best possible deals.If you have experience in identifying distressed properties or working with real estate investors in Florida, I would love to connect.

It was held by the previous owner for a very long time, so I wouldn't be surprised if some basic facts about the house are incorrect.I was making an offer on a house a couple years ago and discovered that the owner was paying taxes on an additional house that was on the neighbors lot and didn't know it!

@Stefano Vrolijk it all depends on your credit history, whether you have an SSN/ ITIN and how much you can put down.

Quote from @Daron Williams: I just invested in a tax deed here in texas it was a beautiful lot right on lake sam rayburn. i have it on the market for sale the only problem is you have to have two lots to build on.. i found the person that owns the lot to the right of me and there willing to possibly sale there lot the only problem is i dont have the money or the credit  to purchase it.