He does not receive any excess cash from rents after expenses & debt obligation.

Operating expenses include taxes, insurance, management (even if you do it), maintenance, advertising, utilities (at least during vacancies), capital expenses (although not technically an operating expense), entity maintenance, legal fees, evictions, court costs, evictions, damage done by tenants in excess of the security deposit, I could go on and on.At any rate, you left out all of these expenses, which means your negative cash flow (even with your interest only loan) would be a monthly LOSS of about $768 per month (over time).Good Luck,Mike

I think checking the smoke detectors every 2 months is a little bit excessive.

Funny, I found an eviction notice from a year ago- reasons for eviction- Excessive Garbage, Pets- (She also had numerous pets) and behind 3 mos on rent- and she only lived two blocks down the road- She had given me false references.

honestly yes this isn't a good time for me to get started but i know that there never will be....maybe i should wait till the kids start school....or maybe wait until they are in middle school...oh and then we have college to think of.....oh and then we have to worry about retirement comeing up after that....i know excuses would keep coming and like i said i don't think we will ever be COMFORTABLE to start. albiet starting with NOTHING isn't a good idea i just have to learn the right way (or at least not loose anything) the first time right!?

This is to strengthen the floor so it wont flex; it is the flexing of a floor that will pop tile loose and crack the grout lines.

Check local classifieds for building materials MANY people/contractors DUMP OFF their excess like for nothing, Basically, sub it yourself.

They know its not worth what you're asking, otherwise, it would have already sold.If you can sell it, but the net is less than you owe, you may have to get a personal loan or borrow from a family member to pay back the excess.

I have yet to loose a deal to someone that was not comfortable to deal with me if I was not in there state.

The agreement should specify what happens on death as far as the lender getting the property in full or selling it and returning the excess (if any) to the estate.Conceptually, I think these are equivalent to an annuity.