Property Details:Purchase Price: $80,000Est Rehab Cost: $20,000Property Taxes: $2510Private money Loan:$50,00010% InterestMonthly Interest payout: $416.67Monthly Carrying Costs until cash out refiInterest Expense: $416.67Property Taxes: $209.33Water/Sewer: $55.00Home Owners Insurance: $80Total: $761 I plan to carry the monthly carry costs for 6 months while i have the property rehabbed/updated and suitable renters found.

I said if it is a suitable lifestyle for you... " Whatever.

Just for starters, let's say you find suitable 5 acres for $150k.

As long as a "reasonable" method is used to prorate between land and building value is used that is suitable.

I'm of the notion that wide, flat white sand beaches suitable for beach activities is preferred, whereas the rocky coastlines in Cali and Maine are breathtaking, they just are very utilitarian for families with kids that want to play on the sandy beaches.  

Why not just use your unemployment, until you land a suitable job, to pay off the debt?

There was a Fair Housing writeup on this, which more or less boiled down to: using convictions, especially minor ones, as a sole means for determining applicant suitability, can be considered discriminatory in nature because minorities are disproportionately affected by the legal system. 

But eventually, if the trend doesn't reverse or stabilize you might have a hard time finding a suitable tenant.  

They help the buyer find a suitable house and walk them through the process of the transaction.  

Ned - I'd need some guidance on where to find a suitable auction site...ideas?