If you do get a private financing deal, make sure you develop a reserve account for any unexpected large ticket items that could occur.Keep in mind that this strategy alone did not produce enough income to support me as a fulltime income, it was after I owned several rental units with partners before I ever went full-time.

Also finding lots of minor maintenance to be done - small plumbing leaks from dried out seals from not being used much the past year, etc.So, big ticket repairs are: - Flooring - Paint - Possible first floor wall removal / remodel etc. - Wood stove needs to be replaced and chimney flue as well, it's out of date about 2 years ago according to fire code. - Kitchen appliances are almost at end of life, cabinets could badly use at least a facelift or full renovation.Obviously we are going to have to sink a fair amount of money in materials alone to this place.

I bought my ticket last week and I'm planning on going to MHU in Chicago this June.  

Which may cost you a bit more but with such a small ticket amount on the loan, the net cost is really negligible...Also, to offer you a point of reference...

@Jason Hawthorne to stay on the North side and secure some property, Ashland City may be your ticket. 

Gotta catch my flight.

Not to say you have to go the route of doing your own rehab, just take into consideration the expected remaining life of the big ticket items when you are purchasing.

You should also factor in that, in addition to the loan payment, you'll need to factor in periods of vacancy, repairs, big-ticket items like a new roof or HVAC ("capital expenditures"), and the costs of a property manager. 

Sounds reasonable to me especially since those are some serious ticket items.Also in my experience, boilers are a GIANT pain in the butt.

Quick, cheap flights from NY into the airport here - which is literally 5 minutes to the beach - so you can check on your investment from time to time or have a place to get away to in the offseason.