Banks won't allow you to "assign" the contract, meaning they won't allow you to take the contract that you have with them and pass it on to another investor to close the deal.That said, the bank can't stop you from immediately reselling the property to another person (a double close) or even selling at the exact same time as you purchase it (a simultaneous close).

I am a broker and 11 years in the business.I am telling you this because I have seen it all practically over the years.I focus on larger commercial deals.7% is VERY COMMON here especially if you are buying what I call the low end investment properties ( sub 100k houses ).

It didn't say anything about how long you had to stay for the FHA loan in this article, but it definitely highlighted a lot of the practicality of starting with MFHs!

Practically no maintenance and you can get your investment back in 10years.

Now we are finally able to analyze the neighborhoods, see properties and get in touch with actual investors/companies/realtors in the area.Secondly, I would make sure that you are set up and ready to go, practically speaking.

If you can not pay rent and pay down a mortgage simultaneously compared to paying a couple thousand for a 2 bed unit, that's a win in my book. 

Your ability to evaluate a deal correctly cuts their time in half in going out and finding a deal themselves so you have to basically think like an investor who will be buying the property from you .Of course your focus should be to build your buyers list but remember your list will get very short quickly if deal evaluation skill aren't up to par so practice deal evaluations constantly with properties on the mls to hone your skills good luck 

You have depreciated it approximately 40,000 and you likely do not have enough equity to affect an exchange in any other state or location so you are stuck with recapturing all that depreciation and could potentially owe more in taxes than you net from the rental property.If I were to do it again, even though California is a very expensive market, I would have been better off having negative cashflow for a couple of years and gotten the appreciation of California and not  the practically non existent appreciation of other states with lower prices and small cashflow.

I wish I had found BP before I did my first two investments but nevertheless I'm putting into practice what I've been learning.

 -3 days max.  4) Tile Flooring/ Bathroom Shower tile rehab/ Carpets - Done simultaneously by 3 separate crews.  1 day carpet/ 4 days max tile in room floors and showers