That's assuming the tax laws stay the same, which of course can always change.

Although not my strategy, I know of investors that have the rent credit be treated as additional option fee over the course of the lease.

I've wasted precious money on RE seminars, boot camps, online courses etc.

Also, it depends on what you can negotiate with the seller and lastly, it depends on your exit strategy also.Of course, in all of these, you have to do your due diligence.Let's say the rent is $1,000 a month.Seller is asking - you pay the $10K taxes in arrears plus $35K.So total asking price is $45K.I would negotiate with the seller to see if she will accept an all cash offer of $20K.

Knowing how big a chunk of their budget this demands, however, will of course let you know where there priorities lie.I've seen people in the unemployment lines with iPhones (clearly they purchased it while employed, but still).

I could be wrong, but nearly every Guru course I have seen posted here has the same method of operation.

I would of course be out often to visit family and check up on things, but concerned with the distance...Any experience renting out of your market?

Of course, continue to do your due diligence, but as another company operating in Memphis, I have not seen any red flags on them or their company nor have I had any other investors come ask us for help after doing business with them.

And if not, what's a good education tool for me and my friend (besides BP of course)?

In other words, let's say that you play 30 sessions of blackjack over the course of a year.