It will cost you a few grand to get it done.Surprisingly enough, the IRS responded in a fairly quick timeframe (I want to say 45 days) when we did ours. 

The "you should be careful" replies are to investors with the grand plan to save a home from foreclosure... often by taking title and then lease option back to an occupant who's already demonstrated cannot pay their mortgage.

The best deal is if you go north of Tucson into Casa Grande or even Florence, Coolidge, or Maricopa you can buy a new build for just over $300k and will rent for just under $2k per month, you are able to get a lower interest rate on these than you can on anything else because the builders have their own lenders that will buy your rate down, so you can break even on cash flow in year one if you put 30% down. 

Yes, I had some base-hits, but every once in a while I hit a grand-slam. 

Plateau by NirvanaMany a hand has scaled the grand old face of the plateauSome belong to strangers and some to folks you knowHoly ghosts and talk show hosts are planted in the sandTo beautify the foothills and shake the many handsNothing on the top but a bucket and a mopAnd an illustrated book about birdsSee a lot up there but don't be scaredWho needs action when you got wordsYou've finished with the mop then you can stopAnd look at what you've doneThe plateau's clean, no dirt to be seenAnd the work, it was funMany hands began to scan around for the next plateauSome said it was in Greenland and some say MexicoOthers decided it was nowhere except for where they stoodBut those were all just guessesWouldn't help you if they couldJust my 2 cents.https://www.youtube.com/watch?

., etc.   ...depending on these types of factors, a 7-10% COC might be a grand slam success, or a train wreck.A 7-10% COC (after PM fees and all other expenses) on an A grade truly turn-key property in an appreciating area with a huge tenant pool might be enticing (and probably doesn't exist in today's market).

A grand sounding term!

I am a new investor and looking specifically at a studio in the Grand Sandestin/Baytowne Wharf area.

So, I'm turning the $750,000 value into an STR and selling the $350,000 Near Grand Canyon Univ. for $245,000.

I currently have a 4/2 with pool in Phoenix AZ near Grand Canyon Univ ready to assign to someone for a fix & flip or buy and hold.