How you going to make any money w/ 30k IF that left on the table.

I brought up the idea of purchasing subject to his existing mortgage from the realtor who is representing him, but they asked how would we report that at the closing table.

Given my current scenario with this recently purchased house, if you were going to rent out to the two friends to offset the cost of the mortgage - would you keep things simple and do this "under the table" without all of the legal paperwork, or would you do this "officially" with all the necessary paperwork and legal forms making me the official "landlord" renting out to two tenants.The way I see it is this.. keeping things under the table would make things simple with my two friends and obviously require less paperwork.

With the amount of cash you are bringing to the table this shouldn't be an issue getting a loan.Looking at the numbers you presented it sounds like you are planning on around a $50k renovation. 

Not that it is off the table, just now that I have seen the condition of more than just the section in the photo, and how small it really is compared to others I have seen, I might be able to do both, keep it and open up the layout.  

Again, maybe they just keep ignoring me like they've been doing or maybe they finally come to the table. 

--details on income and current situation - income wise i make at least $1,000 every two weeks from my current job.i have, in my opinion a great situation, i still live with my parents however all i have to worry about is paying my phone bill and insurance while bringing in some food on the table, so im grateful for my situation so far since it allows me to save as much as i can.#1 - since i have a place to live already, would it be wise to get a duplex (or better) and just be able to rent all the rooms out?

Today the seller contacted me Asking if I would be interested in possibly partnering with her and splitting the profit ,she's even willing to possibly contribute bring money to the table to work out the deal.

Another example is an interior french drain system that was needed due to the high water table.

I can see the value in that and I think I'll spend some time now figuring out what value I can bring to the table and what skills I think would compliment mine the most and then look into the idea of finding a partner to work with.