They fall short of understanding what they're getting involved with.

Not sure if there are other ideas out there, but I suspect something creative involving the seller overseas will not be practical. 

There is no magic involved here.

Regardless of your intention if you treat applicants differently you could risk a lawsuit on perceived discrimination unless you are exempt from the Fair Housing Act and there's not any state or local statutes that may come into play.

Some might think it best to wait until the market dips again to buy, or maybe look in other areas... but I am very motivated to get involved, gain more experience, and build additional capital right here in my own backyard so that when it does drop I am even more poised to act. 

We signed a 3 year lease, and, long story short, it was not good times for anyone involved.

What are the risks?

@Jason DiClemente I love that you are involving your children in you investing!  

The city is also working on another ordinance that will make it easier for tenants to report  substandard conditions to the city and for the city to be able to require the landlord to improve the conditions, or risk having the property boarded up.

When asked what happens if some parts of the work come it at a lower cost, he said that would be his profit and if it's higher, it would be his risk.