Me and one of my partners are thinking about our first place being relatively inexpensive and not in the best area.

We also have a some fairly inexpensive book-based programs that are sold exclusively by affiliates that totally control the refund policy.

I know that they will do conventional mortgages on inexpensive properties that are priced below what other banks will lend on.

that's another 10% in expenses. 

As a landlord you can very easily order credit, criminal, and eviction reports and they are very inexpensive.  

@Will Gaston I would suggest you at least get it inspected and see what the worst case number would be and then reassess.I would reevaluate numbers - if you bring in $8900 per month, and have to allocate the recommended 50% in expenses, and $3300 in PITI, you are bringing in $1150 with so many properties to deal with. 

Their wood shoe molding is also inexpensive--under $2 for 8 feet. 

Any advice on where to find a great inexpensive pre foreclosure listings?

Looks good to me:$800 rent$400 expense (50% rule)$400 NOI - net operating income$35,000 price$221 payment (P&I only, T&I are in expenses above, 6.5%, 30 year)$179 cash flowJon

Again it may not significantly boost the value of your home, but these are inexpensive ways to better market your property.