Opportunities knock every day.. most of us fail to hear it or fear to grab it (and yes, I have been one of those for many years).

To alleviate some of your fears about renting.  1st thing is you don't get as many midnight calls as youv'e probably heard.  

Although one of my properties is a 1950s build (had extensive plumbing repairs), I have been fearful of buying older homes for a few reasons - cast iron plumbing, old wiring FP panel, older building codes etc. 

Would you turn it down from fear of my walking away? 

Which is my biggest fear of entering this market.

Not sure how prevalent a 4 unit is in Scottsdale, but, that's the best way to do it.  

This certainly confirms my fears regarding the situation. 

I'd be nervous about taking on that kind of project for fear that it will take a while to find a buyer with that kind of $$$.

But with interest rates going up I fear that while the numbers are good for this year that maybe next year or the following that the rate will go up and then we'll will be deep in the red.

I'm hesitant to bring this up for fear that it will be abused, but curiosity has gotten the better of me ... there is a misconception that in a foreclosure the property owner loses all their equity.