Unit 2 - long-term rental (this will usually be with an existing tenant since you already have that running well or in a larger unit that might net the highest rent as a long-term)3.

With existing tenants, you DO KNOW THEM!

So, if you put in 20K, you could set the bid up to the amount of the 100K total debt(80K existing + 20K additional) to ensure that the property reverts to you as the lender.

Opportunities still exist here.

I agree.. just look at any large mid west or rust belt metro.. there is a ton of houses avaliable the question though will folks buy in certain neighborhoods where inventory is readily avaliable you can buy existing in many of these markets for far less than new builds.. so to me its really a neighborhood issue  a school issue a crime issue etc etc..

I'd tell them to return it and buy one that uses the existing connection.

The worst part is that it's usually way too easy to get your license, and the consequences for these sleazy agents are usually non-existent or not harsh enough. 

I will potentially move into one of the units for some timePurchase Price: $1.98MAssumable Existing Financing: $1.18M @ 3.48% ($5,563/month) Seller Carry: $300k @ 3.5% (5-Year Term)Down Payment: $525k (Buyer to Bring)Buyer pays all closing. 

I know I can easily find a qualifying tenant who will pay $1,000 per month if I don't renew a lease with the existing tenant. 

Common fees will include a set-up fee, a leasing fee for each turnover or a lease renewal fee, marking up maintenance, retaining late fees, and more.