Nathan,I've been investing in Oklahoma City for the last decade and when I started out you could easily find what you are describing and now those deals are much tougher to come across. 

Thng is this, that risk factor of 10k HVAC is always there whether you have positive or negative CF.In reality, think it like this , a DSCR 1.5 with 25% down when one purchase, is easily becomes DSCR 1.1 in real life after year two because of insurance increase/property tax increase and so on.Now all properties are coming with cap rate 3% by default, whatever you do, most likely you would make very little money anyway too. 

With a paid off primary and no state income taxes I could easily live on $5k/mo, $10k/mo almost tax free is living high on the hog.

If they are professional, they can explain this quickly and easily.

We could easily put in a ministorage down the road or some other high caprate investment.

@James Bakun, they can do this very easily by using a disregarded LLC. 

I had wrapped my head around residential not around commercial, But to me the deal seems amazing - you guys tell me 8000 sq. ft building7 storefronts on an active downtown street (all rented and currently have tenants)34 unit mini storage in back lot (29 units rented - the rest of the unrented are being used by the current owner)Asking price is $798,000 and owner is ok with seller financingAfter sitting with them today the owner who is 83 said he is ok seller financing and verbally agreed to $715,000 and a 4% interest rate, 30 year note, $100,000 down payment, no early payoff penalty - my lender and real estate agent both came back valuing the property as it sits at $840,000Income = Rentals ($5075) Storage Units ($1935) = $7010speaking with the owner he hasn't raised the rent on either the storefronts or mini storages for almost 10 years - looking at comparables in the area we believe we can raise the rent and storage units easily to push the income up to $10,000 a month 4 of the 7 Tenants have been there 5 years plusCost = Including estimated payment, taxes, insurance ect. would come to a monthly of = $4450that would cashflow $2560 a month at its current with the potential after purchase and rent adjustments cashflow $5460 a monthPending an inspection the property looks in good shape with little to none improvements needed at this timeA quick background I have had rentals before on the farm we own, three houses we rented out so I have some experience) My QuestionsIs this a good deal???

The sewer systems in the streets in some areas are over 100 years old and falling apart.Things might have changed but used to Fulton county had a law on the books where a water lien WAS NOT discharged through a foreclosure.A 2k water lien the costs per hour by an attorney could easily eclipse that.

You can buy a business with that money and replace your income fairly easily compared to buying properties.

On the West End of Shrewsbury street by Union Station you have Alta on the Row which will come on line in the next 6 months, from here you can walk to Saint Vincent's hospital very easily along with MCPHS.