If it's a high rental area which most "not nice" areas are, then you are going to be hard pressed to find a buyer.

It is priced at 24k and is cosmetically very nice and ready to rent.

Buy nice properties, keep them up, and rent to better tenants that care!

Due to my business strategy,  I am in the red year over year and managing property is my only job.  

The only thing that can cause an actual housing market crash, is for people to start defaulting en masse on their loans, which can happen only if the loan is unstable, or the job market is unstable. 

would be nice to get a review on turnkey reviews on this company. 

My thought is to pay out the owner in 2 years, hold for another 3 while fixing it up out of cash flow, and sell for a nice profit after 5 years.As always, any input is greatly appreciated!

You might have other legal expenses, like evictions, though.Also, I have commonly heard between 5-10% vacancy.Personally, I have tried running numbers on a lot of homes with 8-10% vacancy, and 5-10% for each of capex, maintenance and property management, and nothing ever comes close to working out.I think I'm going to just budget like $200-300/month for maintenance and capex, forget about property management (because that's my job, for now), and pray!  

The only issue I have had so far is with our agent, he has been a pleasure to work with, very nice and helpful but.... in my opinion not experienced with investors.

and how is your credit.if you have a little bit of money IE the 3.5% it takes to get a FHA loan then just go that route you need a job and credit as well.if you cant qualify for a FHA loan there  are not going to be any private lenders going to do anything with you in any capacity... remember those books are just ideas and maybe someone gets lucky but its not the norm by any means.. they are selling dreams..