What even better is the seller started an one-year lease with a tenant this year and it fits the 1% rule and 12% cash-on-cash ROI and has an above 8% cap rate.

It will be hard to find a single family property that meets the 1 percent rule so i recommend looking into multifamily to meet both the 200 unit goal and the 1 percent rule.

Having only done mortgages before, I know we always have to show where we get funds from but for a cash deal there are no such rules correct?

I know there are some new rules around owning multiple units in a HOA.

I find that the potential sellers are either too paranoid to find (they hide from everyone fearing their creditors) or emotionally divorced from the property....they have already made up their mind to default and there is no way to impress upon them that that's a horribly bad decision.Some of what I experience is unique to Texas and Texas rules however.

Does that mean that when I look at the $90,000 house and the numbers are close and the deal would make sense at $78,000 (that is, the numbers would all fit and give me results within the rules of thumb; 1-2% rule for instance) would one then offer what would work even if it seems quite a bit lower than asking? 

It needs a little bit of work but it all seems manageable and I should get pretty close to 1.5% rule on it in a seemingly appreciating market.

I am looking for single family homes which should meet 1.5% rule with medium income $41000 plus.

I own quite a few properties there that all beat the 1% rule

Hello real estate professionals, do you guys have a rule of thumb for closing costs?