Morris is a turn key broker who specializes it appears from the threads on BP in selling low end rentals. by low end I mean rentals that are priced at about half of the mean sale point of a particular MSAyou would go about it the same way the locals do... sent out thousands of post cards.. get calls .. go knock on the doors make the deals and try to resell.. some states its quite illegal to sell real estate you don't own you can only market and sell a contract but who really buys a contract.. :) its illegal In CA too to broker without a license..

If you rip it out yourself and paint, install a runner or non slip treads.

That is typically a non-motivated greedy seller.

. :)You are correct about the 2 of 5 rule, but there is another one: non-qualified use.

Each has it's own particular risk.All having a single tenant have higher expenses and are difficult to achieve positive cash flow.

In addition, they are either 100% occupied and receiving rent or 100% vacant and a big expense, where a duplex can be 50% occupied and when you have turn over or a non-paying tenant you still have some rent coming in.   

And like the bank, you also have the right to take the house back in the event of non-payment.

If it hasn't been mentioned previously, one area that I often advise out-of-state investors is to be aware of the property tax rate for non-homestead, and factoring in the higher tax rate when running your numbers.

Cash out refinances are not taxable events in themselves, but you wouldn't be able to go to 80% LTV on a MFR non-owner occupied cash out. 

Her response to our notice of non renewal is that we will have to pay the homeowners association to remove the gate as she can not move out all of her stuff through the front door.