His attorney said in order to provide a clear title, the seller would have to hire a law firm that was willing/able to do extensive research into heirs, and get them to sign off/away any rights they might have.  

Hi Brian,You're on the right track, but to determine if you're truly generating cash flow, it's important to look beyond just your mortgage payment.Here's what to consider:Income: You're receiving $2,100 in rent, which is great.Expenses: Besides your $3,232 mortgage, you likely have other expenses like property taxes, insurance, maintenance, utilities (if you cover any), and potential vacancy costs.If your total rental income exceeds all of these combined costs, then you're generating positive cash flow.

If you do then you can utilize losses to offset your active income but if not, you are limited with how much depreciation you can utilize to offset your active income.

Taxes, utilities, maintenance, cleaning, marketing...Gross income doesn't mean squat to your wallet.

Hey Andre, I utilize delayed financing every so often with my clients.

In most situations the tenant is 100% responsible for the initial security deposit payment, and any recurring utility charges. 

Getting the utilities to the RV pad and Start renting it out asap, no roads no landscaping no nothing just the space and utilities.

We faced minimal challenges, as the property was sold quickly without requiring extensive renovations.

But remember that for studios, tenants typically would pay their own cable, electric and other utilities and maintenance, so the gap is bigger than just the base rent comparison.Our tenants have the option of paying an extra $10/week to have a mini-fridge in their room, and $10/week for weeks they want a window A/C unit.

So far with the properties that have looked promising we have utilized the calculated NOI / Cap rate to determine the value and every one we have done has come up way lower than the asking price and in one instance came up less that what the current owner paid for the place initially.