Two properties in Memphis already rented, but how do I fund it?

[Ben Roberts]

I'm looking at two rental properties in Memphis, TN that I think are a pretty good deal.  I'm wording if it's really a good deal and how to fund it.

The two properties are rented for $725 each, one with tenants who have been there for a number of years.  They have been professionally managed for years and the owner is an architect.

I think the two properties are worth worth $60-$65 each, combined of $120K.  The owner wants to sell, pay off his loans, and bring nothing to the close table.  The loans total around $72,000.  So I think I can payoff the loans and cover closing costs for less than $80K. 

First question, is this a good deal?  Using the general rules of thumb, the rent hits the 8% rule and the properties are about %67 of value.

Second question, I normally wholesale but if possible, I'd like to hold on to these two.  I have a couple grand from wholesaling activities saved up.  Is there a way to find this deal without having to come much out of pocket?

[Ben Roberts]

Will do, Shaune Faust

I've been at this seriously since the beginning of this year. So far, I've closed 3 wholesale deals, I've got another under contract, and found these two properties in question. I have made SO many mistakes but learned way more than I would have just reading the forums. For some things, no amount of reading can substitute for actual experience.