Here's some basic copy & paste info that may help you make better investing decisions:----------------------------------------------------------------------------------------------------------------Recommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?

The guy is meeting the rental criteria income wise.

Jaycee, it will likely be personal income with other money coming from a lender.

If I can park the 388k ($415-27k) for one year at CD rate of 4.5% and then est 300k (after paying cap gain/depr recap) at 3.0% (assume CD rates lower) that interest income of about 24 months net of ordinary income tax is about the same as my current mortgage.Trying to play devil's advocate and think why selling this year does not make sense. 

I'm trying to Figure out how to make this potential deal work.Seller wants to sell but not right away because they still use the house for some income. 

I currently don't show income and just left my other place of employment.

Personally I never listen to what the seller states the income is as they are sometimes way off.

This property gives me significant income, so losing it would be an extreme loss.

Live way below your means and save the majority of your income.

I am not interested in being a slum lord; I prefer nice homes in the 350-450k range that have a good chance to appreciate and that attract stable renters with good incomes.