Mike-Can you break down what the expenses are that comprise the 50% of rent figure that you use?

Its roughly the same process for a builder or developer that's taking a big chunk of land and breaking it into lots, or for a condo conversion where a multi-unit building is broken into individual single family units and sold separately.The added value is that its easier to get a loan on a fourplex (residential financing) than anything bigger (commercial financing.)

If you have a contract with the seller and they break it then you can sue the seller for specific performance, damages, and possibly the buyer for breach of contract.Be aware that as a birddog, a Non-Disclosure contract is most likely not legally enforceable in a court of law.

At the moment it is priced under appraised value, and right at break even plus commissions.

Even though it might break down to that, you can't go by that.

I spoke to one of the building inspectors and he said that they get a big rash of calls after parent visiting day for people trying to break leases.

I recall reading a post on here that breaks it down in greater detail.

It seems like every rental building I've looked at has it's asking price strategically set at a break-even point.MikeOH- How are you able to get such big discounts on your purchases?

I want to break-even at least..

Hope that helps.But I do have a question, what if the seller wants to break the contract to sell to another investor who is offering a couple of grand above your offer??