If you have a w-2 job, I would hold on to that until you have decent cash flow to live off of.You are in the perfect set up to start BRRRRing.

A perfectly legal and valid quit claim deed may give you zero rights to the property.

Cutting it is the easy part,  getting the cut faces polished to perfection  like the top is more difficult. 

Vacant properties (drive for dollars)12. absentee owners 3-5 years owned (most landlords sale after the first 2 years, and with prices climbing its a perfect list)13. inherited properties: some states do not require heirs to go through probate if the will was recorded prior to death. these properties are sold through under a special deed14.

REO's were hitting the market that were essentially great houses in near perfect condition and selling for 100k .  

If you state in your ad that the max # of people that can live in your one-bedroom apt. is two, then that is perfectly legal. 

North Side Chicago - perfect balance of cash flow and appreciation IMO

Perfectly legal, yes title company did sign off on this and I have done it several times.

Earthquakes, droughts, snowstorms, hurricanes, tornadoes, mudslides -- there's no perfect location to live.That said, from what I've read, migration will continue to be driven more by economic factors than weather.

In your situation, it seems like networking with other local investors to find out their real-life experiences and learn areas, rents, etc would be a perfect next step.