The units are not in amazing condition, but I do not want to have a tenant challenge me down the road for a security deposit they gave to the previous owner.

If you can save up (and possibly borrow from/partner with friends or family) to buy a 2-4 unit property that's rentable in its existing condition, you can live in and fix up one unit while the others are rented out. 

But if the house was vacant and left in a high humidity condition, all bets are off.If doing it yourself, make sure you use proper PPE and procedures.

I would let them start, if you are taking it next week then it is probably just the notices, so ask for copies of the notices that they sent to the tenant as a condition of closing.

I don't know what the condition is but I'd be surprised if it needs only $5K.  

This will prevent you from going into a deal expecting the property to be in one condition and you later find out its in a much different condition.

The Norwegian tax code lends itself to live in flips however so if that’s an option for you, then you could do that without paying taxes on your sale, if you meet the simple conditions. 

You will need to have access to MLS for this step since you will need to see all the terms of the purchase of the properties (if there were seller concessions, etc.) and in order to see the condition and quality notes (C3, C4, Q4, Q3, etc)  So the closer the comparables are to your home in condition, square footage, year built, BR/Ba, ans date sold the better it is for your case.And just for a quick info point using comparables that were built around your build date are fine. 

Hi all, would like to hear your opinion on this deal:- Irvington NJ, at the southeast part- 4 family, didn't see the place yet, owner says it's in "ok" condition meaning no fixing required yet. all units are month to monthINCOME: 3br ($1250) + 3*2br ($1050 each) = $42,800EXPENSES (rounded):Tax - $10,000insurance - $3,000water / sewer - $800common electric - $500heating and electric are seperatedmy additions:super - $2,000maintenance 5% - 2640vacancies 5% - 2640management 10% - 5280TOTAL -  $26,860NOI = $25,940 How much CAP would you assume for this deal to determine the offer (let's say it needs 15K in update)?

@Keola AdamsWhen determining if you have a deal or not you want to focus on price, timeline, condition of the home...most importantly the reason (motivation) they’re looking to sell.