By utilizing section 8 income we will turn it into a property that is insured beyond belief and make over $ 418,000 gross $320,268 net.

The property was rented and generated $160 cash flow after mortgage, taxes, insurance and property management fees were paid.

Understand the local permitting requirements, keep eyes on your property to avoid squatters, and make sure you have a great vacant insurance policy while you're renovating.

[1]    You might want to think about opening 2 FDIC insured savings accounts that have no fees.

Good decision!

I would say the condition and age of the property would have a lot of sway in your decision for whether or not it's worth it.

If I paid cash for this property, the HOA + Insurance + taxes is around $500 / month. 

. - Taxes are on the higher side at $6,000 yearMy Numbers: $115,000 putting 20% of my money $23,000 and finance the rest with total expense of $1,834Monthly expense numbers: Future Maintenance 13% $273 - Vacancy 5% $105 - Property Insurance 5% $105 - Property Taxes 23% $500 - Property management 10% $215 - Office/Travel/Legal 4% $84 - Mortgage 26% $552 - Monthly Cash Flow - $316 per month or $3,792 per year so Cash on Cash = 17%I think this looks like it is a deal worth doing and I also believe I can bump the total rent up by $50 each tenant which I think make it even better.

But that will be your decision and at least you have options.

I know he will be able to give you the proper guidance that you need in order to make a sound decision.