Speaking with some property management companies, one response I've heard is "We do not manage any properties in that zip code."

As a landlord I know I am responsible for when plumbing goes or replacing a large item such as a stove. 

This will be a slow constant battle in which they will break you or you will break them.

They other numbers are your responsibility to figure out. 

@Matthew Olszak Thanks a lot for the response...even if it's not what I was hoping to hear.

Here's how:I would have to discount what he wants down to around $10-15kI would buy it subject toI would sell as a lease option for around $390k <- I'm selling on terms so the price is higherI need a nonrefundable option consideration of no less than $20k <- money in my pocket to do what I want withThe payments each month is $2000 They are responsible for maintenance and repairs as a condition of the lease option agreementThey will need to refinance within x amount of years or they lose their option considerationIf they don't buy it, they leave and you do it all over againThat's what I'd do.

Can I just say...I'm not 26yo, but am very new to real estate investment and have found value in all your responses above.

Plus...escape velocity...Episode 113 – Jay Papasan - Very practical slow and steady adviceEpisode 221 - Tim Shiner - his concept of equity build up and "shearing the sheep" shows some of the flexibility of real estate vs a 401k Last but not least, I also recommend all the tax advice given by my fellow CPAs on the BP Podcast.

The above responses are on point.

@Peter Prawel Man Peter, with me being a broker here in chicago, i feel like my response needs to be loaded with scenarios but I'll just keep it simple.