Worse case - you may have to evict them and that adds to time and cost.That being said, walking away from the table with $15K - $18K is good enough for me and beats leaving your money in the bank doing nothing.

I live in Houston, but I have not found deals here that appeal to me (CAP rates are not good enough due to high purchase price). 

Its tough to find deals good enough to do this with none of your own cash. 

I am wondering if I am being to picky or if I just am not finding good enough deals.

While my credit is good enough, I can only imagine how hard that is for folks with bad credit.

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My understanding is that it's the daughter of the lady that lives across the street.All of this is As-Is, no contingencies.The deal is good enough that anyone would jump on it

I ended up buying a duplex in Camp Taylor that I'd been watching for a year as it was nice enough that I could convince my wife to live in one side of it and it was just good enough to keep afterwards for a long term rental, though certainly not anything I'd normally buy at 75K a side.Best, - Chuck

There is too many things involved that can easily go unproven in court and the OP being good friends with the owner probably wouldn't be a good enough reason in the eyes of the courts if the kids sues.Definitely get an good attorney and get it done right.

Is a pre-qualification or pledge by a lender that funds are available at my disposal good enough for the "cash" identifier?