Also best to do a M2M lease... just in case things don't work out, you won't have to wait so many months to get a new roommate.

My other homes are in better areas, so hopefully things work out OK.I'm planning to post a yearly update with how things go, so I'll keep y'all appraised!

I would appreciate if you could please guide me on what type of loan would work out best for my project. 

@Christine Kankowski so there are very few things you would do on investment projects that would be worth routinely getting a permit?

It looks like the numbers work out for this property.

Suggest you work out the numbers cash flow, ROI etc.Need more input.....

if this is a house hack, then it could work out  simply because you will be there to monitor - but very tight.

Rather than thrust all of the responsibilities on one or more people, and later the blame when things don't work out, treat this like a business and delegate those responsibilities to the professionals.

I'm getting some similar numbers on a multi family analysis and was wondering if you felt the general assumptions work out.

If its worth 125K, and I could buy it for around 110K from him, maybe 115K, he can go find what he wants, no risk of waiting time to sell, and maybe we could work out some kind of seller financing where I put about 10K in his hand and go from there.