Are they a developer with 20 years experience or someone that read a book and are just enough to be dangerous??

If you listen to Rich Dad Poor Dad and Cash Flow Quadrant, basically buying a home with a min down and not too much yr/yr equity growth is dangerous. 

If the property is in a highly desirable area for people to buy and live in it'll be easier for you to secure funding.If however, the property is located in a dangerous, crime ridden area or one where most of the properties for sale or that have recently sold are foreclosures, then you'll go thru a struggle securing your funding.

Fewer people are familiar with UCC filings, while mortgages are actively sought in the secondary market.

I will just say this, if you are in Dallas and you can find 3 hours to drive on, you should have no fewer than 100 vacant houses, depending on the areas you want to target. 

If not, there's an alternative just with slightly worse pricing and available in fewer states.

@Mike Schoonover Of course I am partial to KC since I live here but like @Matt K. says I think there is an opportunity here in the midwest to make some great cash flow with some good appreciation AND fewer legal constraints/renter issues.

If you went with the $1,350 for repairs and did not have the rest of the fence scraped or replaced, would you be creating a dangerous or non-functional situation?

You can easily get the 2% rule on C class areas, but a lot of investors prefer to spend more and buy in B class neighborhoods that will attract better tenants and normally have fewer headaches.Lansing is a strong market because our economics are driven by several industries, GM manufacturing, Michigan Government, Hospitals (Sparry and McLaren) Insurance and investment companies (Farm Bureu, Auto Owners and Jackson National), and we have Michigan State University and Lansing Community College. 

Anything higher than that is dangerous territory for default.What are you looking at bank, auto store, pharmacy , restaurant??