Your proposed business plan, your strategy sounds fine, but you need to establish bench marks as to the performance you require out of your property, can't expect one unit to give you $1,200 a month without considering the property type, potential rents, area and value.Your first step is to actually learn real estate, not investor or operator strategies of dealing in real estate.

@Stephanie Irto  Some of this info in this article is not exactly correct, but here is a press account.  

There still were guys just hanging out on benches and on corners.

How can anyone else add to it :) I agree, as I said in my previous post that underwriting is the main cause - stop the presses!!!!

Banks are taking a beating from politicians and the press, and they may be willing to work with you now even if they didn't in the past.Jon

Should I be pressing the seller to 60K?

In fact, for an actor/actress any press is good press.

Because I was pressed for getting the next tenant in and since the previous ozone treatment didn't work, I had to find something else.

Most people never get off the bench and get in the game.  

Bonds will be OK in the short run so rates will be low until the FED decides to "fix" things again and starts up the printing presses again.