Rent in full on time every month with little to no turnover/vacancy. 

You can spend as little as $100 to form an LLC, or you could use an attorney and spend $1,000 or more.

We’re looking to increase our lifestyle through the decrease in housing and built a little passive income medium term. 

Also, focus on 2 years of job/income stability.Class D Properties:Cashflow vs Appreciation: Typically, all cashflow with little, maybe even negative, relative rent & value appreciationVacancy Est: 20%+ should be used to cover nonpayment, evictions & damages.Tenant Pool: majority will have FICO scores under 560 (almost 30% probability of default), little to no good tradelines, lots of collections & chargeoffs, recent evictions.

Property Taxes Will Likely Increase After Purchase•If the current owner has a homestead exemption, their tax valuation is capped.

A little over 15 years ago, in the late spring of 2009, I was a brand spanking new real estate agent coming off of a miserably failed real estate investment venture.

For me, that looks like around $15k/month income (and I'm starting from very little- long story).

The only other options I can see are A) your mom partnering with you rather then selling the property to you - you become 50% owner and bring the funds and management to the rental while she provides the existing equity as her contribution; or B) your mom lending you the rehab cash out of her personal funds while also seller financing the house to you. 

It’s a little more work to set up, but if you get a solid property manager, it’s not as scary as it sounds.If I were you, I’d keep digging into the Capitol region, NJ, and CT—compare the numbers, and maybe even start building connections with agents or wholesalers in those areas.

If I didn't mind being a little negative on cash flow then I would buy in Gilbert.