It sounds like you won't have any trouble qualifying..In Oregon there are some tenant laws that can restrict active CAP rates, but those with current market rents (or that can attain them near term) can approach double digit return rates.

My worry is that the property might fall into probate or tax auction once he passes and someone who knows someone will get the deal under contract before it reaches public offering.There is a real estate agent in the area that gets about 85% of all the listings in the micro-market, so she is farming these properties constantly. 

What are your thoughts on the Kansas City market?

I already own property in Oklahoma (a quad) but I live in San Diego, so I want to enter my own market and this would be a more affordable way to do that. 

This could be 30, 60, or 90 days, depending on the market and your comfort level.Rental Terms: Specify any minimum terms for the lease, such as rental rate, lease duration, and tenant creditworthiness.2.

I would look into the Columbus market. 

My market is very over saturated.

In the current market with the prices of homes being so high does it still make sense to be investing in real estate or to be accumulating cash and waiting to see where the market goes? 

A lot of people that live in Ca work virtually in better markets.

In the meantime, I am trying to better understand the Indianapolis (Fishers, Carmel) real estate market and considering getting a realtors license.In Indiana, the cost for the real estate licensing course is approximately ~$580 and an additional ~$80 annually to maintain.