When the home was purchased, it was conventional loan and the basement had tenants.

A seller can not sign away his rights in a purchase or any other document.

Too bad you can't buy something owner-occupied, put 5% down with the best interest rate, live in it for 12 months (and fix it up), rent it out and repeat the cycle.Here's some other info you might find useful:----------------------------------------------------------------------------------------------------------------Recommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?

I am a rookie investor and have not purchased a property yet.Thank you in advance.

My name is Ashley Kroft and my mother-in-law has a property in El Paso, TX that will be refinanced soon to purchase my husband and I's first rental property.

The latest red flag is his belief he purchased a "fully renovated" property in Philadelphia for $115K.

You can purchase them through a local dealer that has a good track record in the community.At this time our cleaners take care of the hot tub, but I will say if you have a certified hot tub company that can come weekly, I would definitely go that route!

As we all know, you are really paying for the commission in the purchase price. 

Purchase price: $115 Cash invested: $17,000 This is my first fix and flip.

I plan on moving forward with purchasing my first property and starting a portfolio locally -before the year is over..