I got the inspection report back stating roof was approximately 8 years old (supposed to be new), furnace approximlatey 15 years old, AC unit 10, soffits hanging down, rotted door threshold, bedroom door that doens't latch, front door that has gaps to the exterior, electrical ground cut, a/c condenser line broken, basement foundation cracked, counter tops lift off (not sealed to cabinet), toilet loose, driveway and walkway leading to front door cracked, iron sewer line leaking, bathroom sink has leak in pipe (in the line, under the sinkbowl) and a few other items.I know not everything on the inspection report is a big deal, and inspection reports always have items on there, but..................... what concerns me is the fact that the roof was marketed to me as being new and is not, its approximately 8 years old.... the HVAC was marketed to me as being under 5 years old and its not...... its over 5 years old (with issues), counter tops weren't sealed to cabinets,soffits were supposed to be repaired (according to the scope of work) , and the foundation is cracked (which could or could not be a big deal).  

Ironically enough, I'm scheduled to close on my first duplex in Greenville in less than 30 days!

Plumbing had been replaced with pvc thruout, but the inspector did mention drain line being black iron.

We're currently working on the partnership structure and trying to iron that out to best meet our needs. 

If you can do that, you'll realize that you don't need to deprive yourself of everything :)Now - what is important to realize is that W2 income creates an iron-clad barrier between you and a low effective tax rate.

Is that a old style cast iron radiator against the far wall under the window?? 

The bottom line is that if you are able to work with a friend to get your scope of work ironed out before you start, you may be able to negotiate better pricing by showing the contractor that you can keep the job moving quickly. 

Ironically, I started my investment career buying 4 of them, had great success the first 3 yrs since I bought at a deep discount to the market, had 100% occupancy and they cash flowed only because to get the deep discount had to go all cash.  

I am yet to invest in a property, but ironically have been thinking more lately being so far away.I want to invest in commercial real estate, or multi-family homes ideally but not sure if my budget can handle it.  

I'm always afraid of being sued, especially after I read that one guys post how he had an iron clad contract and even video taped the signing.