Obvious downside is the high monthly recurring cost.

It is a Co Op there is no HOA however there is a recurring monthly maintenance fee of $287 per month, the co-op shares which are based on the price of selected lot or home sites current pricing is set at $20,000 per lot, the homes are manufactured or mobile homes new ones start at $100K .......the $28K she is asking for includes both the co op share/lot and home.

It that property has a recurring sewer issue, or something like that, you may have higher then normal R&M expenses.  

Although, I make good cash flow, with my recurring monthly mortgage debt and my other expenses.

Minimize recurring expenses as much as possible3.

No recurring payments, doesn't lock me out after a year

here's some initial thoughts, just for starters1. 14500 for a rented unit= questionable unit/area/tenant/all three2. know the recurring costs?

Anyway, I’m planning on holding onto it, so let’s move along.General expenses: Property inspection: $425Flights/bags/ground transit for 2 people: $600Service main water valve: $389Service 2 furnaces: $200Paint materials both units: $370Cost of hiring friend who came along and worked 3.5 days: $500Total random home depot materials including light fixtures, electrical gear, primer, brushes, locks, light bulbs, tools, drywall, tape, etc: $1,820.Total: $4,304Unit 1 - Down Paint labor bedrooms, bath, and kitchen: $0 (friend from out of town did it for free)Installing fixtures, switches, outlets, cabinet knobs, doorstops, blinds, towel racks, bathroom mirror, caulking, etc: $0 - did it myself.Estimated cost if contracted: $1,500Unit 2 - Up Labor to strip wallpaper, repair drywall, sand, prime, and paint full unit (contracted out): $1200Installing electrical outlets/switches/fixtures: $125New electric stove: $200Refinish bathtub: $300Pull carpet: $250Total: $2,075Estimated short-term costs (<1 year) New roof Spring 2018: $8000Gutter cleaning and repair: $300New Floor in kitchen (estimate): $500Total estimated costs: $8,800Year 1 non-recurring costs to make it rent ready: $91,979Estimated mid-term costs (1-5 years) 2 new furnaces: $55002 new hot water tanks: $2000Misc: $1,000Total: $8,500*After the tanks/furnaces get replaced the building should be rock solid for 10-15 years at least, assuming no major disasters.Monthly expense breakdown: 5-year private money balloon loan on $87k over 20 years: $574Property tax: $215Insurance: ~$100Water bill: ~$60Sewer bill: ~$40Garbage: $16Rental registration: $6Lawncare: $40CapEx: $100Vacancy: $75@ 5%*I’m self-managing, therefore I’m not yet factoring in property management.Monthly Totals:Projected rent: $1,500 ($750/unit, but will shoot for $775 initially)Expenses: $1,226Cash Flow: $274/monthCash on cash return: infinite (more or less)ROI based on $18,000 yearly at $91,979 initial cost: 19.5%NOI: $3,288About the loan:I don’t qualify for bank financing since I’ve moved countries and jobs so much in the last couple years.

Ideally setup recurring online bill pay, so the money comes out automatically.

FORECLOSURE: A seven year waiting period is required, and is measured from the completion date of the foreclosure.A three year waiting period is permitted if extenuating circumstances [EC: non recurring events that are beyond control that result in a sudden, significant and prolonged reduction in income or a catastrophic increase in financial obligations]  can be documented and the lesser LTV of 90% or the standard product guidelines.