This is in the midwest area.The listing says that the duplex is occupied with two tenants who are interested in staying for the long term, and have a consistent payment history.I haven't gotten much information, but I'd say for the area, each tenant is paying 800 dollars per month.Now I am 21, and I have about 20k in the bank, and im willing to spend 15k for a down payment.

@Scott Royer you need to be very careful.They can't qualify with a bank which indicates they are high risk.

its as simple concept as this  " BE THE BANK"  then of course there are variations of real estate debt.1. 

From what I have read, banks would not loan to new LLC's without proof of income.Furthermore, I have inquired for a lawyer's assistance with LLC formation and he quoted me $2000 to $2,500 for professional fees.  

Does anyone know a bank or lending institution that would lend based on a properties income as opposed to personal income?

If he doesn't have regular paystubs, you can still request proof of income such as bank statements or tax returns.

You just have to find a bank or lender that participates. 

I found it myself on Redfin and gave a low ball offer, the bank countered a little higher and we accepted.

Just a letter from your bank saying you have XX amount of funds available works. 

If it is what the seller is paying, it’s an indication of what you might be able to get, but I would not assume it’s what you’ll end up paying.A few things to check when doing due diligence on the insurance.....Cutting back the insurance coverage prior to the sale is a strategy to give assets a higher return.The seller may be able to insure the building for what they paid for it 10 years ago, say $100,000, and now you need to insure $200,000 to satisfy the bank loan.