Hello everyone,I recently (09.18.18) purchased a two family house in Buffalo NY and this is my first real land-lording experience (I don't count my house hack). 

Unless you are counting on price appreciation and want to park your money in RE, it's not a good investment.

Probably something simple I am missing or the deal just doesn't make sense.3 condos, the owner has 14 out possible 48 in this complex and if the deal goes through may lead to more deals with her.the condos are 1/1, 2/1 and 2/2, she is asking 76k for the 2 2/1s and 64k for the one bedroom. total 216k, she would hold a second position note for 30k with me putting down the remainder of the 20% down (13,200) and pay closing costs. she would like 6 payments, one each year of 5200 for 6 years which comes out to 31200 total, about 1.5% interest rate if my calculations are correct.For simplicity, I am counting the 3 as a triplex, so rental income is 2325/month, tenants pay for electric and gas, HOA of 185(555) per pays for water, sewer and garbage as well as exterior and common area maintenance, snow removal, grass cutting, etc. taxes are 266 and insurance is 50 month (HO-6) policy which I hadn't heard of before.

So if you exclude Section 8 or other vouchered tenants, if the new ordinance goes through, you will have to allow vouchered tenants to apply and count their voucher as part of their income.most cities on the MO side are creating licensing and interior inspections to become very similar to KS, although KS has a state law allowing a tenant to opt out of mandatory interior inspections, no such law yet in Missouri, we are trying to get it passed. 

Also, in subsequent mortgages, it looks better, if you have lower payments, because a bank will only count 75% of your incoming rent, so it it looks as if you have negative cashflow, you might not get a loan. 

You have seven points here that include, by my count, at least 28 questions that need to be answered in this post.

I’d say feel them out, count on a premium, but also get solid legal counsel.

Your mileage will obviously vary, just don't forget to count the HOA fees in your calculations.

However, most of the tenants are only on 1-year leases, so I'm not sure I can count on that. 

I am hesitant to move forward since I don't have a team in indiana I count rely on at this time.