Go in with your eyes wide open.Turnkeys no longer fit my investing goals, but that doesn't mean that they don't have any merit. 

I am not knowledgeable about that market, as I do not work or live there, but as an agent I have resources available to me to find and vet an agent for you that will be a great fit for what your needs are.

But Randy Richter is an excellent realtor who has helped us purchase our rental houses in Cedar Rapids.The rental inspections are fairly thorough, but not unreasonably picky in my experience.

They all have different rules in different states, though, so it really is basically a research project to find the right fit that works for you.    

The reason is because this place is not what you were looking for and doesn't fit into your plan, even if you could get it for land value.

The school district is excellent and the rental comps are fair on par with comps in the area as pulled from my realtor. 

It may not fit your individual definition of 'little to no risk', but the income is not taxed by the federal government.Depending on what you want the money for in the future, have you considered a retirement account or a 529 account?

Since they are paying market rents and the current lease is solid I would continue on month to month until you live near them for a little while and see if they are a fit. - make sure at closing or in advance of closing you obtain all of their contact info as well as any keys the current owner has for the occupied unit. - Even if you get a copy of the lease for the occupied unit make sure you have the sellers sign an assignment of lease doc and the tenants sign an estoppel agreement.

You can become excellent at analyzing SFH in a matter of weeks if you're diligent.  

they said its in excellent condition