And personally there’s no way I’d give up $60k year for the rest of my life for a one time $80k payment.

Some condos the owner may be responsible for the furnace or hot water tank so you would just capex the remaining life.

It is one of the few "cheat codes" in life that allows you to acquire a very attractive asset for very little money down.

He could make a better living doing and have a better quality of life working in another state but insists on staying so he can be discovered and it's stifling his ability to get ahead in life.

This apartment has enough clutter and conditions that would definitely engender mice ( took pictures during the Inspection)Tenant is on Mo2Mo lease and the lease states tenant is responsible for exterminator expenses.

He shared this community with me, and kept telling me his stories and showing me pictures of his investments.

Present it on paper, maybe with a picture of the property and all the details written down (cost, break down of rehab costs, expected resell, expected PROFIT for the INVESTOR). 

The feeling you get when you are financially free is amazing because YOU get to decide the life you want and it is no longer dictated by debt and bills.So get back out there as tomorrow is a brand new day and there are more new properties hitting markets across the country to review and look at. 

The way to think of it is that lenders and other investors don't have time, so you have to provide the bigger picture first.

I'd love to reinvest all the money I have in there, but it would cut my pro forma cash flow by 2/3 and give me almost no buffer if I needed to drop rents at any point over the life of the mortgage.