In Phoenix, a 1996 build is practically brand new when compared to a WWI-era home in Cleveland or Pittsburgh or some other Midwest or East coast city.While I agree that older homes come with more problems, buying something newer may not work as the price will be higher and won't cash flow as well.I'm of the mindset to buy what fits your budget and investment goals.

I used to work in finance and we could get clients approved for a HELOC in less than 24 hours which will be much quicker than the cash out finance.

Most standard leases have check, or cash as options as a default so tell him that's his only options if he doesn't want to pay that way then he has to move on with a loss of his deposit.  

Purchase price: $395,000 Cash invested: $39,500 We were dreamed buying home in California, but we just turned our around.

November has been our only cash flowing month (barely), but we anticpate cash flow from Jan-April '25.

You are not even scooping your initial investment so your cash on cash return is negative.

I would find a property that can provide you both.I used to aim for 8% cash on cash return + 4% appreciationGiven where the market is now, it is likely hard to find 8% cash-on cash and a 4% appreciation.I think 4% cash-on cash and 4% appreciation is do-able.

Will it even cash flow? 

John Hickey congrats on buying a cash cow.

You’re not going to find a safe way to do what you want unless you or the “buyer” has enough cash to pay off the note.