when you purchase a property, there are closing costs on top of the purchase price, and closing costs can be substantial - especially if there are points on the loan. 

When I inquired about the property it was already bid up over $100,000 asking price (still lower than sme other properties I saw - $140k/unit).  

What type of properties are you looking to add to your portfolio?

Since you have more time than capital right now, consider side hustles like Airbnb co-hosting, property management for other investors, or even leveraging your nursing background to consult for mid-term rental owners.

. $40k a year for not doing much is a great investment on $40k unless you are putting in a ton of work into the property.Who operates the property?

Us: We want to buy the property, fix up the (3) apartments not occupied by her parents to generate rental income.QuestionsMy thoughts are to work out a deal where we purchase the property from her parents without taking a loan from bank.

It seems like you just really wanted this property so you let your emotions drive your offer.

If you turn any two "bonus rooms" (rec room, office, formal dining room) into two more bedrooms, then you're at $5,950+ per month—a 138% increase in rental income.Now, imagine scaling this across multiple properties while keeping lower upfront costs compared to multifamily properties.

Are you planning to acquire more investment properties? 

Purchase price: $160,000 Sale price: $170,000 Contributors: Peter Vekselman Partner Driven and Jamari Sprueil secured this Dover Ct property in Riverdale, GA, for $160,000 and successfully sold it for $170,000 on the same day.