It has a roof that is 6 years old and a new boiler. ...OK, 6 units, and one boiler = landlord pays utilities at least for heatI doubt there is a net of $19K based on gross of $31K with landlord paid heat.So right there, you should be clued in to be suspicious of any seller supplied data - it tends to overstate things in favor of the seller, much to the detriment of any would-be buyer.And the fact that the seller bought it for so little will partially explain the lower out-of-pocket for the seller; a buyer paying more will have bigger costs to deal with (in terms of debt service at least).

@CL Tumlin ,Depreciation as @Dave T said will be prorated for the number of days in the year.Unless you initially segregated out the costs upon purchase between the individual components of the home you will continue to depreciate it over 27.5 years.

Opportunity must be valued but not focused on 100% at the detriment of the overall goal in a stong financial base.

Doing that you will have to give up some of the deal.Why don't you just go for an existing property with a value add component or something fully performing.

Funding was not a primary component of the program, simply an afterthought.

The credit is $2,000 for a dwelling unit that is certified to have an annual level of heating and cooling energy consumption at least 50% below the annual level of heating and cooling energy consumption of a comparable dwelling unit and has building envelope component improvements that account for at least 1/5 of the 50% reduction in energy consumption.

So the year where you have one of these, your expenses will be higher.Another way this is crude is that it includes a significant component for property management.

Typically when you're young you can't afford an expensive policy so it's wise to at least get term insurance, but when you get term insurance I've learned that it's best to make sure it's convertible to a life insurance policy with a cash value component.

I'm not an expert on lender liability; but, would hazard a guess that the bank will not take any action that could be construed as detrimental to the mortgagor without foreclosing first.As to the tenants, I'm sorry to hear that no one has explained what's going on to them.

Every single component of buying a turnkey can be checked on with some easy due diligence.