Let's say at 6% over 30Yrs will be about $960 per month(Principle/Interest) with the remaining  interest only portion $40K costing roughly $200 per month. $1500- $960 + $200 IS $340Cash in your pocket after everything roughly $1500-$1160-$340 which is not bad for a 100% financed deal(INFINITE RETURNS)Now, If you ran this analysis on a 1% deal as @Nicholas L. mentioned you will undoubtably end up in the red each month.All the best!!!

Be conservative on your rehab budget, rehab timeline, holding costs, etc.

If you're lucky enough to get a free and clear property where the seller is willing to finance, this reduces much of the risk associated with seller-finance.I would make sure the title is then moved over to your name, especially since there is not a risk of a due-on-sale clause being triggered.

In the future, I’ll factor in contractor costs more.

Check out FilePlace (linked at the bottom of every page) for free user-created resources.🛠 Tech issues?

We offered 407 and asked for closing costs.

OR feel free to PM and we can talk. 

So an identical neighborhood (income, crime, school quality, etc.) can cost you as much as a $100k less on the South side simply because your neighbors are brown or black as opposed to white.this right here is the gem advice.  

You are correct in your assumption that it will impact how low they can go on the down payment, though, b/c commissions will need to be paid out of closing costs. 

It turns out the machine was allowing free washes, and with a replacement part should be back up and running.