Well, I hope the property value is in the 200K range then, otherwise someone is getting ripped off!  

I think the city expenses are high, but I think you can definitely get 50% to 60% range.

Hi @Sean Tagge I have several wholesale properties in Memphis that you may be able to take a look at next week (various price ranges).

Amend the year lease to convey "kick out" powers to tenant #1?  

All would be in the A to C+ range

Again these homes sell in that 40k a bedroom room range.

@Jordan Sloan I have provided Transactional Funding for a ton of HUD properties and my clients have made a profit ranging from $7,000 to $30,000 on the deals.

I know you'll get a better mortgage rate if your "intent" is to make it your primary but I'm wondering if there are other option here, like buying a house in the $350k range and renting it out for $2k a month.  

Maybe I disclose a range: "Purchase price $30,000.

I think I also fell prey to the latter on another property because I offered $315 for a property with an asking price of $335k where the CMA pointed to a range of $275k-$330k and the rental analysis held me at $315k max (with 5% for vacancy, 5% for repairs, 3% for CAPEX and a 7% for management- it had a 9 yr old roof and all new AC and appliances so I reduced the CapEx).