Check fees are $10**** When buying physical real estate, you must have a 10% cushion of the purchase price**We waive the first 6 transaction review fees for the life of the account.*** The first 12 incoming checks are free each year.

Most who get tripped up are those buying the smaller multi-families that don't possess the correct use permit/historical rental license activity. 

So even if you had a buy out agreement negotiated up front and execute that buy out agreement, the bank would still require him to be guarantor unless something drastic changed on your side financially.The best scenario here would be to purchase and rehab the property using a hard money lender or bridge lender.  

Generally most fix flippers are buying at 80%-82% in our market. 

Investment Info:Small multi-family (2-4 units) buy & hold investment in Clinton.

Here are additional comments:1) Buying out of state removes any local knowledge you have from assisting in your success, including knowing areas, people and costs. - We always recommend buying your first rental locally if possible and DIY managing to learn as much as possible before investing OOS.2) Lots of crooks and incompetents in the PMC world:( They both cost you money.- As already stated, you'll have a small portfolio.

Which area did you buy your first property in? 

Quote from @Brandon Vukelich:If you buy a vacation rental in Hawaii, then you're tied to that location.

Duplex can always add additional units via the ADU laws. 8) Related to number 1, purchasing a property with an existing ADU is cheaper than buying a property and adding an ADU.

Investment Info:Single-family residence buy & hold investment.