(I would not specify how much.)If the property needs a ton of repairs, then even buying it subject to the existing mortgage may not be enough to make this a viable deal.You need more info, and fast!

Andy Sirkin (fantastic legal team from SF) has a library of free online articles and a set of agreements to purchase, to help you on your way to become a Subject Mater Expert. https://andysirkin.com/article...Elizabeth and Christina (The Rental Girls) have done a great job pioneering the shared ownership (TIC's) model in Southern CA. 

I have a few hot areas in mind.

Originally posted by @Bridger L Logan:Has anyone else had good experiences with a larger house (5/3, 5/2) that has been rented by the room in the Phoenix area or other hot real estate market areas?

Not only do you not save anything in interest (assuming the rates are the same), but you're also eating up your valuable credit line, which is typically a variable rate and is subject to changes in the underlying index.

Finally, you post that your market is super hot for buyers, but then you don't mention what market you are referring to. 

People probably do this all the time, but skirting the law and subject to red tag if the city finds out. 

If you aren't going to assume the loan as discussed in #2, then you could do a "Subject To" deal where you just take over payments BUT that is really only good for the seller if they are facing foreclosure.

I never place a deposit and immediately reject any arguments on the subject.

I would start a water line replcement business make far more money doing that than we would owing rentals :) On a related subject you have the waste lines that were clay etc.