Fines can run into the hundreds of thousands with possible jail time involved with killing a protected species.  

But then again, I wouldn't buy a property just for a couple hundred dollars cash flow in an area that won't appreciate either.

If your local in a market experienced rehabber and landlord sure this works just fine and has for a hundred years.. you bundle it all up and sell the theory.. its just another RE theory that newbies get all excited about and don't know what they don't know..   

I honesty don't have a better use for the few hundred in extra cf I'd get by stretching the payments out 'til death as the word muerte, I mean mortgege, is designed

Not to mention the tenant quality you’ll be attracting who commute from Hammond to Chicago just to save an extra hundred or two in rent over Berwyn/Cicero/ Rogers Park/ Bridgeport, Schaumburg, Evanston, etc.With that said, Indiana has some of the most landlord friendly laws in the US.

However a few hundred bucks on the front end can save you thousands later.

For a couple/few hundred bucks a month, I think it's worth it.

I have no stats to back any of this up, but it's my best guess/observation from 30 years in the biz and having bought hundreds of foreclosures.

I'm originally from MN and up there, multifamily houses, buildings, apartment complexes are a dime a dozen - there are HUNDREDS of them for sale constantly.

Use something similar to what I wrote, or pay an attorney a few hundred dollars.