Hey all, I thought I'd seek the advice of people much smarter than me regarding this potential scenario...I recently came across a property in an up-and-coming area, where the current owner is a mentally handicapped o...

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@Carl Randal Some investors in Texas (and I realize you're not in Texas) will "close" at a notary but typically do so only in very unique (urgent) circumstances.

develop your own unique to what you're good at and what you like to do...and stay away from people like him, unless your wallet's too full of cash

On the government side, I purchased properties having the powers of condemnation and eminent domain.You'll also find that building reg types, fire marshals and other government officials can apply "selective enforcement" just as a cop doesn't give a speeding ticket to the old guy in the truck following the young blonde in the red sports car ahead of him who does get a ticket.

But I would definitely talk to your cpa because everybody's setup is different and there may be something unique in each situation that allows you to do something different to maximize your profits and limit your tax liability.

Your plans might change down e road if you decide to scale.For my particular situation,  I don't payoff extra debt unless it is hard money or a unique circumstance.

Read this for information purposes only, since (like all court cases) your actions are unique to you and the results of this case may not apply to you ;)Not legal advice.

I was speaking with them about the rental guarantee and it is by a third party insurance company which I found unique but interesting being that I would be an absentee investor sounds like a good marketing tool for the investor that is just getting into turnkey. 

There are also non-paying tenants in those areas, too.To me, the two keys are (1) to hold out to make sure you are getting a deal on the front end and then (2) to partner with the right property manager.Since you mentioned $20k to $60k, I will tell you that the lower you go, the more challenges you will face even when you find a great deal and select an awesome manager.