What you are  planning/doing is a spot on formula for success as a real estate investor.1- buying as an owner occupant is the easiest and least expensive way to buy property, and sometimes you get advantages that others don't when buying foreclosures.

That is spot on and agree 100%

He is spot on.Get a good terms/good interest mortgage and keep it performing.

I think  the sweet spot for cash flow properties is $45k- $75k with rents $700-$900.  

And I paid 60$/mo for an underground parking spot when one opened up in my building (there was a wait list).

Residents who spotted poop could write their apt # on a bag, clean up the poop and deposit it. 

@Ned Carey Thanks for chiming in again I did hit google after having more questions and the answers I got were spot on to what you say...  

I have a spot of rotten wood and I could not replace it without running a huge project so I need a quick fix - how to help this spot which already started to rot.

We were the first ones in the property and made an offer on the spot.

Unless the job is very small and you have the ability and knowledge to spot him doing the wrong thing immediately, I'd pass on to the next guy.