I think they're a fad too. The

Last time that was pulled on me, I said they already had my highest and best and it had an expiration date on that offer too; the bank didn't take any of the offers and the house stayed on the market for a few months.As Brian said, you have to stick to your numbers.

Yes, the lender too the risk, but that doesn't release the borrower from his/her obligation to pay that loan back.

check out utility costs with a fine tooth comb.

The taxes and insurance part of the PITI payment are included in the 50%, but the P&I payment is not.Another way of looking at this rule is that the P&I payment needs to be less than 50% of the gross scheduled rent in order to be at least break even.That professional/hobbyist dividing line applies in stock investing, too. The

You've already proven that and honestly, if I wasn't successful in my real job I could have proven that to my family too. The

I'm just trying to learn as much as I can now about how it works so I don't get burned in the future, and save money too. The

I have to disagree with this statement, too: "the appraisal fee and loan origination fee (points) should be on your closing statement and should get included with the basis for depreciation."

There shouldn't be any tax consequences because there's no profit, but you should still check with an accountant.If your mom is still mentally fit to sign off on it herself then that would probably work or possibly someone will have to get a power of attorney for her.And if the property still has a loan on it, then being fully aware of the implications of the Due On Sale Clause will be paramount for you too. The

That's all of $1500 for this deal.Be sure to collect a security deposit, too. The