It can be done with FHA loans, short-term rentals (Airbnb), long-distance landlording, live-in flips, or partnering with family.

Major repairs and/or replacement should be anticipated - this could be in 20 years or 6 months, remaining life is indeterminable.

I'm a little torn get a gutted house that makes no income or find another 50K house with an occupied tenant to get more income?

In this case, 700k purchase price and would put 280k or 40% down to release some of the burden of high rates.

You’ll likely need a property management company, which adds to your expenses.Increased risk: Without local knowledge, you might overlook neighborhood trends or property issues, which can be harder to evaluate from a distance.3.

Never trust anyone's NOI or Cap rate figures. 

HouseMax agreed that I am owed the full $14k, but they informed me that the "investor" and loan servicer (FCI) are refusing to refund the amount.I'm unsure who should be held accountable or what my legal rights are in this situation.

(I assume he owned a convenience store or something)  for $7,000. 

Are you planning on an annual lease for this property or use it as a short term rental property?

Good afternoon,I am considering doing a house hack using the FHA 203K or Fannie Mae Homestyle loan.