The current debt outstanding on the house is 365K and is held by two different banks.

Right now, I am renting..Im 19, pay all bills myself and own a car, no debt at all:)

It was so bad that the realtor finally told me that we should eliminate this property because she's not sure of where it is located!

e) Landscaping / snow removal - $900 - 1KYour operating expenses will be close to 60%, leaving little room for debt service (might not even have the required debt coverage for a lender) and no room for any sort of profit.Unless you are planning to live in one side and use the other as a mortgage helper, I would offer somewhere around 125-130K and start walking away.

My wife and I paid off all debt except our primary mortgage and are pulling in just over 200k a year.

A sale transfers ownership and a previous owner has no right to follow through with any suit for eviction, they may seek damages of amounts owed as a debt, you'll need to start from scratch.

I'd like to economize my workflow to begin finding non listed properties to wholesale, fix-n-flip, lease buy option, etc.Denver's lowest prices are much higher than I am used to, and my wife and I have recently spent most of our liquid cash to begin living debt free.

Look for potential warning signs that the seller is in financial trouble, such as delinquent accounts or a large amount of outstanding debt.

You need cash to get you past the rough times, and being an undercapitalized landlord is no fun.Start by getting rid of any consumer debt (cars, student loans).

It is possible for the national index/etf/itb to be soring and the city/town in which you hold your properties just lost a major employer or vice-versa.For most real estate investors your best hedge is to buy your properties well - when performing diligence model the property with rent set under market, a sufficient allowance for vacancy & bad debt, and realistic to conservative operating expenses.