Hello BP community,I am an out-of-state landlord with a rental property in Bluffton SC. The tenants, who were always good, fell on hard times and could no longer keep up with rent payments. I decided to work with them...

say you find a solid property in a low cost market for $200K and you buy it.between down payment, closing costs, rent ready / spruce up costs, and lease-up costs, you're probably going to need at least 50-65K in cash. 

The market is slow currently and you need to check flood zones and assess insurance costs when underwriting a deal.

I wasn’t trying to be long winded, with too much detail, in my initial post but I actually did this method on a fix and flip.

@Zach Howard you pretty much MUST hold it in an LLC if you don't have the proper visa or greencard.1) Many attorneys over-hype the benefits of an LLC for each property.

I don't think we are going to be able to come up with $50K before they're going to need to move and no, definitely no family members able to gift $50K. 

., I believe the heart of Jaron's comment is: in general, you will not find much better deals at auction.  

An investor who is buying the duplex next to mine wants to trade a duplex he owns in a neighborhood nearby so he can have 2 duplexes next to each other (long story no need for those details). 

@Pranita Maldikar Unless the seller is a family member or personal friend, I'm not sure why you'd want to put that much money down on the property.

I hate to say this, but if you want to get a job with Yardi as the main software, you will need to start at the entry-level accounting.