@Jerry W. my ex brother in law (sisters ex husband) is from Rock Springs.

Who pays what, and how much are they going to cost you if you're on the hook for:TaxesSewer and WaterTrashHeat/UtilitiesHOACap Ex and Ops (this is generally made up from a % of the purchase price and I use $150/month as a floor for the equation)InsuranceMgmt Fee (as a %)Vacancy (as a %)

Option 2: Rent $1500 Taxes - 325 Insurance - 73 Maintenance -75 Management - 150 (even if you do yourself, you should budget for this) Vacancy - 120 Cap Ex - 75 Misc (Admin fees, landscaping, tax prep, etc.) - 75 Expenses $820 (I did not include utilities because normally tenants pay for that, but find out what is common in your area.Net Operating Income NOI (Income - Expenses) = $680Cash Flow: $680 - $1134 debt service = -454 You will not cash flow on this property, even if you get $1600 for rent and self manage, so this option is a no go.

@Jeff Greenberg & @Joel Owens it's not uncommon in MF deals to go back and renegotiate the price/terms if you find a bunch of deferred maintenance, cap ex, etc. during the inspections/due diligence phase, correct?

For example, allocating the repair and cap-ex funds across properties.

My name is still on a previous loan with my ex wife.

Seller did a lot of replace cap ex versus ongoing repairs.

.$1300 in Rent against the following expenses on your original numbers:Mortgage Rate 5.00%Length of Mortgage in years 30Monthly Mortgage payment $643.78Taxes $150.00Sewer and Water $-Trash $-Heat/Utilities $-HOA $-Cap Ex and Ops $150.00 (this is a bit higher than your number, but not major in terms of the entire deal, and yes, it is a realistic number)Insurance $100.00Mgmt Fee $-Vacancy $104.00Total Expenses $1,147.78

Now I am upset with my customer for not being Loyal and dispise my EX-Mentor for Stabbing me in the back.

He had no credit rating to begin with so he doesn't fear the black mark and my guess is that I'll be lucky if I ever see anything back.The one thing you do have going for you is that it seems that this ex-tenant of yours must make some good money if they built up that much debt in only 3 months so they may be more able to pay their debt than my deadbeat.