But, it also means more work in managing, tricky loan processes, higher start-up costs, and the risk of market changes.Lubbock, with its high need for rentals and low-cost living, is a top spot for duplex buyers.

If you're in contact with the owner/seller directly, and you don't feel there is a lot of competition (off-market), might as well start with an LOI to lay out terms before drafting a contract.If you need the offer to look compelling because other buyers are circling, a PSA would indicate more motivation on your part.

Now, consider some solutions: submetering is an option, allowing for individual usage tracking, but be cautious about upfront installation costs and regulations.

With the cost of living 9.8% lower than the national average.

Operating costs are known and everything is new, so reserve levels are usually tiny as there is a long time to build them up before they need to be tapped. 

I'm looking at a low cost of living area that's plagued with a housing shortage. 

Thus, it does little good to garner high cash flow from these rentals only to spend it in higher maintenance, management, and legal costs.

So many new investors that live in high cost of living areas look to the midwest or other cheap areas to invest. 

Crazy.To be quite honest, if you don't have any experience at all, I would avoid AT ALL COST raising money.

This is especially true if the property requires significant upkeep or if the heirs live far away.Owners of Distressed PropertiesSellers who own homes in poor condition and can't afford the necessary repairs may prefer to sell as-is rather than invest time and money into renovations.Landlords with Problematic TenantsLandlords who have been dealing with problematic tenants, frequent vacancies, or costly property damage might want to offload the property quickly to cut their losses and avoid further hassles.Owners Facing Major Life ChangesSignificant life changes, such as health issues, retirement, or downsizing, can motivate people to sell their property quickly.