Also think about the tax consequences. 

Also note the condition of the unit, room by room, on the move-in check list.These are your primary defense EVIDENCE exhibits to be presented in court to counter the tenants claim(s) of non-habitable condition.

Taxes are high too, with new assessments soon (but still lower than Cuyahoga Cty). 

Also, I’m not into tax evasion necessarily but she’s owned the place forever and has minimal taxes.

I’m not saying you have a bad deal, or I wouldn’t buy it if it was located somewhere warmer without income tax.

Seems like taking advantage of eager investors with exaggerated marketing claims. 

My down payment will be just as much as he still owes on the property, some small expenses, and maybe some prepaid taxes.

Great posts.I’ll add a few: Not underwriting post renovation property taxes for BRRR’s.

I was on a Senate Steering committee way back in 85 on how to deal with all the platted antiquated lots in CA. there are millions lots created before the modern rules and these lots exist today but many are not buildable and are traded back and forth from tax sale buyers to retail buyers who dont realize their 5k lot in CA is non buildable.So there was a big conference in FT.

Once I gave in and bought a few only to not have assistance and no clear direction so frustration took over and I was still learning but needed direction, I finally found a group of investors to help me,  guide me,  and teach me the ins and outs of the industry.If I am not working deals learning the ropes or watching videos for extra information in real estate investing you can find me at my full time career as a Auto Injury Claims Specialist with big red.