Generally if no lease agreement is in place you go before a judge and they determine if this is in fact the case or not. 

Therefore you will need to determine the payoff amount. 

I'm starting off in real estate and I am looking to invest in a single-family house & rent it out - I wanted to know what others think are the best towns & cities for investing in a property for stable rents and appreciation or how do you determine if a city/town is a good place to consider investing in?

Depending on your investment strategy, Columbus can determine your cash flow remarkably.

Here's how the IRS defines it:If you own or live in more than one home, then you must apply a "facts and circumstances" test to determine which property is your main home.

@Dominic Taylor agree with @Tyler Gibson You need to first study the market and determine if flipping is even a feasible investment strategy.

Looking at your balance sheet to determine current and potential future equity (which can be tapped into down the line via cash out refi's or sales) is also part of the accounting equation to determine how successful each investment is for you.

If your parents don't have the money to make the necessary repairs, why are you determined to keep a rotting house? 

These questions will help you get started in determining what types of markets you should invest in.Best of luck!

This will include purchase price amongst other items2) Step two - breakdown of building & land basis3) Step Three - determining date that it is 'placed into service'