That has both pro & con issues associated with it, including over regulation and high taxes (for everything).

These lists, if you're interested in trying them, are:- 75-100% equity with owners over 50 years old- tax delinquent- code violation...particularly overgrown or junky, multiple/long standing issues (this is a time/energy intensive list for me, hopefully your city's site is more user friendly)- recent arrests (sent out Wednesday, believe it or not I've already gotten a call back)Good luck!

If the notices are not properly issued you can not proceed with a eviction.

If you have pressing issues in your property you might want to start with the Managing book, but both should be helpful to you. 

I know the Kansas City market well and can tell you that these $45K properties are going to be in very rough neighborhoods with a lot of tenant issues.

The 1099 generated for the forgiven debt can be a non issue...if it is owner occupied, and done this year, the taxes are waived. 

@Jonathan West - If the purchase agreement doesn't' require a copy of reports, then it should be a minor or non-issue, just ask for the $ back and provide a copy of the report after funds are returned.  

I think Texas is a very tough buy and hold market because of escalating property tax's foundation issues and herd mentality of investors creating demand that would not be their organically.

@Rez Cury taxes is the main issue, plus contractors seem very unreliable

@Russell Brazil Thank you for your feedback and based on your statement knowing how to work with an appraiser shouldn't be an issue if you present yourself as a professional and respect the process.