No need to get tangled up with someone who will have access to your pocket book and with whom you could potentially produce another living human being that would require time, energy and money.If you do this one step, you'll already be ahead of 50% of my tenants who got preggers/had kids out of wedlock and are now single parents trying to make it on a GED and a $10/hour retail job.P.S. 

@Micah Manor Well, I’ve been looking for a house hack in Bastrop because I’m starting a job there to which I’ll be commuting from College Station so I want something there so I can stay a few nights a week and not have to drive every day, but I want it to be income producing or at least income-neutral.

The owner ordered the appraisal about 6 months ago so that he could get an idea of what the home was "worth", realizing that it isn't exposed to the market but at least produces a starting point of consideration. 

A great book you can read to help you in general when it comes to taking action is "The Slight Edge" - a lot of what we do isn't necessarily all that exciting, but doing the right things over time will compound to produce amazing results...... good luck and don't hesitate to reach out!

Yes, I was away this week for training, but I had more than enough time to study and work harder than the actual output I produced.

Obviously I will do my due diligence to ensure tenants are qualified, but I feel that being in a better area would help to sustain good tenants and healthy rental values.

Clause wording:To the maximum extent permitted by law, Tenant shall not be permitted to, and shall notpermit any family, visiting friends, dependents, guests, licensees or invitees of Tenant to grow, produce,possess, consume, use, smoke, or ingest any marijuana, cannabis or any products or ingestibles containingmarijuana or cannabis in any location in, on or about the Premises; the foregoing prohibition to beabsolute and without exception and shall include any growing, production, possession, use orconsumption pursuant to any medical use or medical prescription, or any medical, retail or recreationalmarijuana activities that may otherwise be permitted under any local, state or federal laws, rules orregulations now or hereafter in effect.

Buying at extremely low caps is risky.By itself, it does not make sense and as you said, it's the Greater Fool Theory.But having said that @Ben Leyobovich seems to be a very smart investor-operator and seems to know his market.What I do is:1) Buy at cap rates based on the market (if the market is at 6%, I don't look for a 10% cap like what some gurus teach, I buy at 7%...even at 6%, specially if I can reposition the asset to produce more income)2) Add value to the building (improved interior finishes, better management) OR find the building's highest and best use3) Get substantial rent increases and substantial NOI increase on year 1 through #24) By year 2-3, exit via either a sale or refinance,and get substantial cash (we're talking about $10,000 per unit)5) do #s1-4 all over again and get more units after each cycleI've been investing since 1999 but discovered the above model in 2006 and so far...have not lost any money for my investors even through the 2008-2009 recession.

I'm looking for an investment to produce cash flow on top of my regular day job.

I was doing the driving for dollars and came across a house with long grass and boards over the windows. Perfect! So I write down the address and look it up find it is some out of state owner. I send him a letter expe...