This should make for a consistently and reliably maintained property, but a fluctuating income stream.But since I am new myself, I would like to know different strategies out there.

The key is to be consistent.

But let work through an example of using $50K for down payment and buying a $200K apartment building that consists of eight $25K units.

Since i am from NY they seemed like the perfect fit for me as they take care of the rehab and management of the property so I am pretty much hands off and from the looks of it day 1 i will see a small cash flow of about $200-$300.My goal is to buy and hold and build a consistent monthly income.

My wife and I were there over the new year holidays, her first time in US, so she was most happy that her trip consisted mostly of seeing properties with me!

How many stock investors do you know who can tout such consistant returns?

One wholesaler in our area who actually consistently has properties gets quite a few of his deals from HUD.

I think it depends on your business...If you have 200 units and this is your only late renter...you can say...screw it...I make enough money off the others...or you can evict and "hopefully get a new/better renter.On the other hand...If you have 4 units and this renter is always paid in 100% of rent plus a little "penalty" money each month...you may want to keep them around...as long as he is consistent.

Your drive-by can now consist of looking at bing.com's birds eye view on their maps to get a good idea of what the house looks like.

The second through fifth floors consist of 8 apartments (2 per floor).