The family purchased a lakefront property in a nice area three years ago but then ran into a series of issues, and have abandoned the place because of them.They are hoping the bank allows a short sale (asking for roughly $20,000 under what is owed)Here's what's made them so unhappy:Anytime they used the laundry it was dumping into a dry well, which would back up into the house forcing them to take their laundry to a laundromat instead!!

Heck, I was nervous on one of my most recent purchases because it was my biggest ever - and I've done over 100 transactions.Your current house is probable a Class A property - which is the easiest to manage. 

I've included an example below to help illustrate this.So different lenders have different rates (which do vary even for DSCR loans) but these are factors they all consider.See example below:DSCR < 1Principal + Interest = $1,700Taxes = $350, Insurance = $100, Association Dues = $50Total PITIA = $2200Rent = $2000DSCR = Rent/PITIA = 2000/2200 = 0.91Since the DSCR is 0.91, we know the expenses are greater than the income of the property.DSCR >1Principal + Interest = $1,500Taxes = $250, Insurance = $100, Association Dues = $25Total PITIA = $1875 Rent = $2300DSCR = Rent/PITIA = 2300/1875 = 1.23If a purchase, you also generally need reserves / savings to show you have 3-6 month payments of PITIA (principal / interest (mortgage payment), property taxes and insurance and HOA (if applicable).

Many Realtors will suggest purchasing a property using a FHA Loan, to reduce your out of pocket money.

I don't think I can ask the seller to evict prior to purchase, although that would be the best scenario.

Purchase price: $250,000 Cash invested: $75,000 7 bedroom Padsplit property at 93% occupancy What made you interested in investing in this type of deal?

It seems that if you can find a good deal on the purchase price, are willing to do cosmetic updates (floors, painting, maybe a kitchen) you can get that 100-200/month cash flow.  

Purchase price: $940,000 Cash invested: $250,000 I purchased a Self-Storage Facility.

I have helped Canadians purchase real estate here in the past.

Purchase price: $250,000 Cash invested: $75,000 7 bedroom Padsplit property at 93% occupancy What made you interested in investing in this type of deal?