However, my California RE mind sees the prices vs rents and am bewildered by such statements.As of now, these are my desires in properties:a house or townhome built after 2000 - I prefer after 2003 turnkey condition MOST PREFERABLE, but not necessarily a requirement at least a 3+2 neighborhood well kept and not too much crime $50-$100K, short sales are acceptable Close to transportation and/or the fwy Relatively close to downtown and the airport (10-20 min when there is no traffic)Seeking cashflow, appreciation much lesser priorityFor rent of 800, the PP cannot be exceed 60kFor each additional $100 of rent, the max PP can only increase by about $12.5k.If you see immediate issues with these desires, PM me so that we can talk about it offline.

But it will be a bit more work driving out there to resolve any property issues, but I may still be able to get into property there.I have been looking mostly these past few months in Chilliwack as there are a lot of people moving out that far as prices have risen so much.  

He and his wife have a high combined income, but they have some credit issues that may disqualify them for a mortgage today.

They over insure, pay out the nose each month for that coverage, and then use the policy for every minor issue that's covered.

That isn't accounting any $ in the budget if there is any issue with foundation, roof, HVAC, exterior paint/siding replacement, or anything else.If you were to buy at a purchase price of $95,000, after back end realtor commissions and closing costs you might make a $2,000-$3,000.

, condo assn issues?

You might have to find a small type catch all brokerage that dabbles in residential and small time commercial.These types of firms do residential and a few land sales and occasionally a small gas station or inherited type small building commercial.For the experts that only do one asset class the small deals like this do not make sense as they typically have a lot of (hair) on the deal meaning many issues to work through.

Maybe someone has had this same concern/issue when they were starting out and can offer some advice?  

There are also massive double tax issues.

Anyway, my strategy (exit as well) has been based off of them, so I am just trying to do my due diligence in establishing a relationship for not just this deal, but hopefully more to come.I would be the grantor/applicant and FICO is 775+ so getting approved is not an issue.