Usually, this means 24 hour notice.

I am wondering if I were to invest out of state, should I go for higher cap rate which usually are located in so-so or not too good neighborhood/lower demand or try to sacrifice some % cap rate with better neighborhood/higher demand?  

The example they give usually is that somebody has no equity and is in foreclosure so they Quit claim a deed to you, Then you contact the IRS to have the lien removed or released as long as you  can show there is no substantial equity.My question is this : Will the IRS work with you as a buyer of a property that has an IRS lien on it if you have NOT been given a deed to it  and don't own it yet?

These units are rare to pop up (I stay in one of the units each Summer) and usually are gone in a week....so I know the opportunity is 'there'.The goal is to relocate in 4-6 years and use this as a primary residence (but still travel and use as a vacation rental).I'm confident w/ the rental history of these units and comfortable with cash flow (hate having to initially throw down so much $$......but HI has their 'rules').

Since then he has mostly bought apartment complexes and has never lost any money and talks down about owning less than 32 units which usually allows you the chance of hiring an experienced Property Management Company to handle the daily operation that includes the screening and maintenance and you just manage the managers and get regular (once a week) financial statements and you still have positive cash flow.

We usually get a refund.

Hubby and I don't make much and usually get a refund so I figured this year we will owe but I would have had to pay custodial set up and fees equal to or greater that the penalties and tax since it was only 19K.

And right now i'm concerned that if i nab an extra $1200 a year out of this while living there that it could be the worst $1200 i've ever made.This would be a moot point if i wasn't owner occupying the unit, or if they were already paying close to market rents and i only had to increase by 5% to stay current.

Percentages vary depending on your strategy but here is generally how I use my excess cash from this portfolio: Say you have extra 1,000 bucks after paying your monthly expenses and putting aside money for reserves: I split it out in the following manner. 1) Additional rainy day fund for CAPEX and repairs. 10% 2) Additional Acquisitions budget 50% 3) Additional Debt paydown 25% 4) Stocks / Bonds/ Pay myself. 15% I definitely prescribe to the pay myself first , and have a more conservative approach when dealing with debt .

That is extra money that I could have invested else where.