In reality, rents did not begin to go back up until early 2012.

I agree with Brian and John, go with a Sub-to as that puts you in title to effect work needed, otherwise your landlord will be in charge of what goes on in reality. :)

Stay far away from guru types or those that suggest something just because they have done it, that is not how to base note terms on, nor is this RE site the place to seek financing advice or legal advice.Unless you can justify, financially, getting away what is usual and customary, for example a low rate because you're a great credit risk and have reserves, then you need to stay close to what is customary. 100% financing at 4% for a new investor with just fair or poor credit and who lacks funds (not saying this applies, just saying) is laughable in reality and is way out of the norm, go back to my predatory matters and who "makes" the loan, that is very questionable but the sophistication of the lender will have much to do with such issues, if they invest, have knowledge of the matter, then that can be on them, but you can't assume their level of sophistication or try to put them at some level simply to justify what you do.

Many owners of C/D properties convince themselves that they are achieving significantly higher rates of return on their properties when in reality they are merely neglecting to account for their time. 

This site will give you the tools but only you can make your dreams reality.

May be more cost effective to add the water expense to the rent.That's certainly something to factor in, but in reality you're going to be limited by nearby competition as to how much you can recoup in the end.

In REALITY, no.

So, in reality you are less likely to get in trouble with a checkbook plan - so long as you are willing to stop and ask questions if you are unsure.  

Assess the reality, not the potential.

I have decided to take this action and make it into a Reality!