Here's what's very important to understand: you still owe depreciation recapture tax on $100k, not on $70k!

Wishing you all the best as you take this journey.

Despite the guru fed “misinformation” about all these under market price deals, they are actually very rare and require (1) the investor recognizing value that the seller and the rest of the market misses or (2) a seller with a need for an immediate sale and a buyer with the CASH immediately available to conclude a very quick closing usually forgoing inspections, financing, and other contingencies. 

The best thing you can do is plan that the first year will be on the lean side.

Is this really the property that is best suited for you as investor at this point.

.-- lawton is a very cheap market and has a high demand for renters.

This is where everyone started.Residential investing is very forgiving by nature, you have to try hard to really screw it up.

It can be done in smaller towns, but the margins are still very tight.

He lives locally, is very responsive.

Hi all, thank you very much for the replies.