And I just had a little eye-opening experience that I thought I'd pass along.I've got to thank a guy named @Brandon Turner for this.  

Thanks for the ears/eyes, BP!  

This specific property recently caught my eye as a too good to be true kind of offer.

Sherrif tells Dori  please leave and go sit in your car.. next thing I know she is on the phone crying her eyes out our hold over tenant has ended his life...

I better get smart, or I'll blink my eyes and find myself old(er) and broke(er).I know I am not alone.  

As long as people are doing it with their eyes wide open then having people preach to them about what is "optimal" is pretty silly to me.  

I myself am keeping an eye in Okanagan area for multi as I think there will be more and more baby boomers moving down that way. 

Ask your friendly title company to create a HUD-1 for youWith the offer attach pictures of all the ugly things about the property; the landscaping, broken windows, bad walk ways, bad fencing, green water in the pool, any nasty pictures of the interior, the estimate amount of renovations neededWrite a cover letter stating what you will do if they accept your offer; secure the property, insure the house, pay all cash, take care immediately of the roof problem, protect and secure the house form squatters, have the electric turned on, notify the water department, notify the local police to keep an eye out for vandals...etc.Since no one at the bank can make a decision as fast as you want, put a drop dead date in your offer.

The interest rate is 5% so above market and there should be no imputed interest problems there like if it was 1% etc.Not only does it have to work for the buyer and the seller but the first position non-recourse lender will have certain things  they agree to in the loan covenants and some they will not when it comes to structure of a seller second and the sellers rights etc.

My wife and I have been keeping an eye on a vacant lot in our neighborhood which is currently behind on its taxes.