Well I'd like to capitalize on a homeowner who is in a tight spot and needs out, or has already been run out and their property was taken over by the bank.  

Short sale contracts call for an approval deadline, usually 90 days or so.  

Rental housing is very, very tight in SB and a tenant that is happy in their unit for 15 years isn't going anywhere.  

Your hypothetical is going to be tight any way.I'm assuming 20% down, ~4000 in closing costs and for that you'll pay renovation expense out of pocket.Here is your property as I see it somewhere were taxes are low and insurance is medium:Mortgage Rate 5.00%Length of Mortgage in years 30Monthly Mortgage payment $515.35Taxes $100.00Sewer and Water $-Trash $-Heat/Utilities $-HOA $-Cap Ex and Ops $150.00Insurance $100.00Mgmt Fee $150.00Vacancy $120.00Total Expenses $1,135.35Total Revenue $1,500.00Cashflow/month $364.65Cash on Cash Return 15.63%Same place after renovations:Mortgage Rate 5.00%Length of Mortgage in years 30Monthly Mortgage payment $515.35Taxes $100.00Sewer and Water $-Trash $-Heat/Utilities $-HOA $-Cap Ex and Ops $150.00Insurance $100.00Mgmt Fee $190.00Vacancy $152.00Total Expenses$1,207.35Total Revenue $1,900.00Cashflow/month $692.65Cash on Cash Return 15.68%You get the same return on both properties but MUCH nicer cash flow after renovations.  

To include; a month-to-month lease for 6 months or so, as a probationary period ( I wouldn't call it that but I'd make sure that he understood it as such) and of course make sure your leases are tight and the other tenant knows he isn't the owner any more. 

My schedule is kind of tight but we all can agree on a specific date and time.

I am sure you will find that this is certainly a wealth of knowledge jammed into one small tight knit community.

Going into debt is not an option for me as i follow "Dave Ramsey" and would like to not have to go into debt then struggle to make it if i don't make deadlines.

Mississippi just brought their intra-state exemption online last Tuesdayhttp://www.sos.ms.gov/Crowdfunding$2M limit,  50% raise by deadline, $5k limit for non-accredited, $50k for accredited and no limit for qualified purchasersThere was a lot of interest initially at the public meetings they held announcing it and some good discussion at our local REIA about how it could be utilized

The retail housing market is still tight which makes for a sellers market for after rehab properties.