Is he talking about cost based on what the total cost of the property would be over time, or just what the total cost of the property would be to the REI over time? 

Add on top of that any maintenance issues that pop up (and they will eventually).

The median sales price fell 1.0% month-over-month to $423K, but was still up 4.2% year-over-year.

If the owner redeems, you can keep all the rents up until redemption.

To keep things simple, I'm not accounting for the cost of capital (that is very personal and varies for everyone) and I'm not considering other exit strategies.

If the background check and credit check come back clean, then I approve the tenant and walk them through setting up online payments.

Is there enough cost savings for it to make sense.

Also, depending on the lease, it may already be rewritten up to have it continue on as month-to-month (or week-to-week). 

Here are some good places to start: http://www.biggerpockets.com/meet- find and connect with other BP members that are in your area.http://www.biggerpockets.com/alerts - Set up keyword alerts to be notified of the topics that interest you.And, of course thehttp://www.biggerpockets.com/forums - ask any question about real estate!

I grew up in Southern NH and frequented the lakes region.