Real Estate investing is not for the faint of heart. You need to weigh ALL of the factors ... carrying costs, rental income, rehab expenses, high non-homestead taxes, insurance, etc. Also, speak with a CPA and finance professional for more on the tax benefits and implications.
Good plan to ask the question here, but don't let the questioning end with real estate professionals. Take it further to your trusted tax and investment folks, and also secure a buyers agent who is knowledged and can represent you.
If you would like to search bank-owned homes, click the link below.
Derek Bauer, Associate Broker / Realtor
Real Estate One
734.678.4745 - cell