The seller also has a mortgage on the property.

I had a similar idea (having one of the mortgage brokers I know underwrite any prospective buyers.

I also have a mortgage on this property paying $683 a month.Now I'm deciding should I continue waiting for a possible tenant or should I just sell the property.

. - 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.

I'll look into qualifying for mortgages and how that whole process works.

It appraised for $201,000 and I put $103,000 in my pocket after closing costs and previous mortgage payoff. 

I own a mortgage company now that does both residential and commercial finance, but I spent years as a commercial banker with both big banks (First Union/Wachovia) and 2 community banks.

Now they want a commitment from the attorney listing them as Mortgages.

The property is zoned as a SFR house and likely in a neighborhood of the same.Was the property not appraised by the bank when you got your mortgage?

@Charles Evans, definitely keep all paperwork associated with your tenant (lease, receipts, etc).For expenses that are not split per unit but are for the entire structure (utilities if not separately metered, mortgage interest, etc), keep a record of those payments so your tax pro can deduct a percentage of them for the unit you're renting.