I'd upgrade it enough to possibly fetch 1000-1100 each side so would meet the 2% rule.25% down = $21,250 (seller paid CC) + 15000 repairs = $36,250 cash needed.Taxes $2100, Approx Insurance $1800/year, estimating 10% for property management, 5% for repairs, 8% vacancy,5% capex, tenants pay all utilities.This Up/Down duplex is in a borderline sketchy neighborhood and its 25+ minutes from my house.

When you send out your probate marketing letter to the PR "cc" at the bottom of your letter to the beneficiaries.

It's not a war zone or anything like that, but definitely a C/C-minus area.

My *understanding* of it goes like this;W2 Income of $4000 per monthThe debts of the LLC that I am a partner in dont affect my DTI since I am not directly responsible for them.Current debts of $1800 per monthPITI of $900 on houseCar payment of $400Boat Payment of $2000% CC payment of $300So my DTI would be 1800/4000 = 45%Now if I add a new rental that has and income of $1500 month, and PITI of $1125, that is actually a 'net positive' of $25 a month.

I purchased a rental using a cc 0% for 12 months it's a low purchase price.

I would pays off my cc debt 13KSince the house is 20 yrs old if the roof needs repair or AC unit goes then I have to take money from line to pay.  

I have used cc checks/loc's for purchases before.  

Tenants pay gas/electric.Duplex1 BR on first floor. 2 bedroom on 2nd floor.Listing Price: $96kClosing Costs: (5%): $4800Down (25%): $24kFinance Assumption: 25 years @ 5% = $420.90/mo = $5050.86/yrIncomeRents: $650 + $750 = $1400 = $16,800k/yrVacancy (10%): $1680/yrGross Operating Income: $15,120ExpensesProperty Tax: $2500/yrInsurance: $526/yrProperty Mgmt (10%): $1512/yrRepairs (6.5%): $1092/yrWater: $400/yrGarbage: $324/yrSupplies/Misc: $300/yrCapEx (5%): $840/yrTotal Operating Expenses: $7493/yrNOI: $7627/yrCash Flow: $2576ROI: 7.57%C/C Return: 8.94%SFR3 Bedroom, 2 bath.Listing Price: $60kClosing Costs: (5%): $3000Down (25%): $15kFinance Assumption: 25 years @ 5% = $263.07/mo = $3156.79/yrIncomeRents: $950 = $11,400k/yrVacancy (10%): $1140/yrGross Operating Income: $10,260ExpensesProperty Tax: $1942/yrInsurance: $430/yrProperty Mgmt (10%): $1026/yrRepairs (6.5%): $741/yrWater: $400/yrGarbage: $324/yrSupplies/Misc: $300/yrCapEx (5%): $570/yrTotal Operating Expenses: $5733/yrNOI: $4527/yrCash Flow: $1370ROI: 7.19%C/C Return: 7.61%I met with the property manager.

That would put my CC utilization at about 6.5% and allow to keep the cash for other uses.

In both scenarios, you are NOT going to be able to get cash out, but will be able to payoff HELOC, CC, HML/PML, etc.So, if your ARV support the LTV requirements to pay off the other debt you incurred to buy/fix the property, then you are in luck.