Looking at listing may not need full rehab, new roof and water heater done, 3br in neighbor run 900 to 1000, rehab for low maintenance, try to buy as low as you can , look at comps, probably could go in as low as 38-42 with good agent and stress as is, maybe a few agents here to help, get one to give you good numbers not listing agent numbers , street is a nice one for area, not much back yard or parking but nice front, before you close make sure vacant  contingent, if numbers work I would do it, the are predicting an abundance of rentals avail next year with building craze but keeping expense low you should be safe, remember don't rehab as if you are living there, think durable and repaintable, number should go into systems and structure first, elect,heat,walls, windows,floors,plumbing, if you use a contractor go with one you know or work with someone in area to keep an eye on progress, good luck at least you know some of the history of the property

I would have all my docs. run by the attorney, plus have an escrow company for collecting rent and paying the existing mortgage (be sure r.e. taxes are included with that payment also) so it doesn't fall into foreclosure.

I run both the Illinois Real Estate Investors Association and the Missouri REIA.

Run...don't walk...away.5 - "Based on my analysis, I think the FMV for a 2/1 like this is closer to 35k."  

In that entity structure your LLC will give you that asset protection and the trust is the vehicle to transfer deed.  

If you want to be more pro-active - drive your vehicle to that vacancy -Talk to as many neighbors as you can - let them know that you are interested in that property (or others that they may be able to refer you to) some neighbors won't cooperate with you since they may think you are a bill collector.Get the tax ID of the ownershipGo to white pages - search for the ownersPut a notice on the door for the owner to call youCheck to see if it has housing code violationsLiens - see if you can buy the lien and foreclose (or take an option to buy the lien - forecloses on your option)Check to see if it is in Tax Sale - contract the tax sale purchaser to see if you can take assignment of their positionCheck to see if it is in foreclosureMake sure you look at the back of the houses - talk to the neighbor at the rear of the housesFind out if it has been listed - by whom and for how long - call the real estate agent (they are the ones who know how to contract the owner) ask the agent "are you still accepting offers on that property?"

There are a lot of groups that you can get involved with in terms of investing; @David Torres runs a group on Wednesday nights that you'll want to attend as he does a great job.  

I'm attempting to run my numbers with the variable of raising rent each year.

I would then reach out to property owners that meet the criteria and approach them on a lease where you have the right to run a vacation rental.

For example, when i run comps on a single family home, i am looking at....1.