Hey Everyone,  I find myself in a unique situation and am hoping there are a few of you out there with experience/advice for my situation.  I am pending on a duplex that already has existing tenants in the lower level...

The owner inherited the home via a death in the family early this year.

Paid off 2+1 rents for $2700-$3000 mo... appraised a few years ago around $700k. Is it worth pulling out equity to invest? I feel like it would take many more doors to get back up to that cash flow amount ...

One – I do not have another homeTwo– I want to live in the investment property for less than a yearThree- I would like a 30 year loan to lessen my monthly payments.

@Denise MunozI almost stopped reading when I saw it wasn't,  the 1% rule.......If they are selling for $84,500....the gross rent needs to be $845/mo minimum.....Check the real comps for the area....as opposed to what may be on Zillow and see if you can get them to lower the price.......If you inherit long term tenants there and you try to immediately raise their rents by 12 to 13% then you have a decent likelihood of making them become bad tenants.  

Afternoon all, I currently have a tenant in the upstairs of a duplex that was inherited in the sale and is becoming a bit of a problem. 

Hello,My father recently passed away and I inherited his house in Ohio, but I am in California.

I was able to do that because I inherited tenants and even though the rent was low, the property at least broke even while I finished the first project. 

The property is owned by an out of state party and they are leasing the property, thus I will inherit the tenant. 2.

One was a recent tax lien and the others are inherited properties.