Anj answering your question below about assuming a Mortgage, you hear about this happening alot. It is a cheaper way to get into a home, but you will want to make sure that the interest rate and terms are in your favor. You will not want to assume a loan on a House that is more than Prime. I can explain this process further if you would like to.

I really depends on what you are looking for in a Rental, Apartments, Townhomes, Single Family and or Multi-Family? Another major factor is the price that you are wanting to spend. I am a Realtor in Amarillo, and would like to sit down and discuss some of the possibilities that Amarillo has to offer. Give me a call 806.683.7459 or email me at casey@realestateconcepts.com

Thanks for your advie - I checked out Craigs List and there were lots of entries there that said 'owner can't afford mortgage - take over their mortgage'. This seems a bit dodgy to me - is it?

As a Realtor and an investor, I would suggest checking out Craigs List and your local newspaper to see what kind of rents the units that you are considering are renting for. The best place to buy? ANyplace that you can generate positive cash flow! Good luck!