You really should not be entertaining into notes as an investment idea unless you have enough capital to work through the default potential of the loan.There are plenty of sharks in the market who will sell you an asset and not think twice about any potential capitalization issues you may have in the future.  

I think it is a great idea. 4% is absolutely unheard of for owner finance so if they go for that, jump on it like a shark.

Based on your thoughts and a couple tweaks, lets try this again....Management -  5% - 119Insurance - $125CapEx -   lets bump it to 10% - $237Taxes - $291.33 - $2495 /yrRepairs -   10%  -  $237Interest and Principal - using the Bigger pockets estimate, this came out to $420.13 /month based on an $88,000 loan Vacancy - $118.75 - 5%Electricity $150Water ad Sewer $50Propane tank lease - 25Heat  - $75(Tweaked some of the utilities after learning more info from the seller)Total expenses comes to $1848$526 Cash Flow -  $263 per doorNext step is getting a contractor to take a look at the roof and foundation, if that turns out ok I might take a stab at this one!

Shared well, separate 3br septics that have been inspected and are good (Have to add a holding tank per Health Dept. as new regs require 500 gal holding per bedroom and both are 1000gal tanks).This is a country setting on outskirts of town (7min drive) and 1/2hr to 45min to 4 major cities where most employment is. 

The oil tank is in the basement (so no environmental concerns) but I'm wondering how oil deliveries and cost are usually handled in a rental lease.

Not to mention our market was already tanking by the end.  

Make sure no under ground oil tanks that are over looked.

Please respond and let's get this cash tank filled!!

Please respond and let's get this cash tank filled!!

Artic char and maybe Greenland shark.