Diane Varni

As I am not in your area I will not help you find a home. You need a realtor who knows and works the foreclosure market CDPE and CDRS are both good designations but the best are Five Star REO - these agents know the foreclosure market, how banks work and how to structure the deal with your best interests. You may need to consider a 203K loan to cover getting repairs to the property. Foreclosed homes always have some maintenance issues - big or small these factor into your pricing choices.

There is more to the story than "if he dies". As noted there are concerns about financial liens against the property, what happens in divorce, issues about the actual mortgage. Often lenders do not want someone on title who is not on the lien because they want ownership in case of default. As it is really simple to have a new title filed and really inexpensive - you should do it for your own financial security.

All of the advise is fairly good. For you personally there is a "qualitative" value on being a landlord. I have some clients who can not be landlords because they would be up at night worrying. i have other clients who should not have been landlords because they can not see maintenance as a landlord cost. Overall being a landlord is sound over time. Expense is partially tied to selecting the right tenant not the first application. Have a criminal background and not just a credit check. Work with a realtor who understands and supports your needs and requirements. Many agents do not like to sow rentals because of the low return on their time - others are new and only get these leads. I have personal rentals and a number of regular landlord clients who return again and again. Remember who you work with is a reflection on you as a landlord and makes an impression as well. Ask to see all the comparable listings so you see what a prospective tenant sees when comparing your property and asking price. Let me know if I can help further.