If this deal isn't good I'm willing to walk away, but I reaching out to get a perspective beyond my scope.

I tend to be the crawl before I walk type when it comes to new opps and have been keeping my eyes wide open when it comes to CF investments and reading and learning while sitting on the sidelines.

I'm here to learn an hopefully  I walk away knowledgeable.

We figure that, with our credit, we're going to need to walk in with some cash, no matter how we end up buying our first property, and the more the better.

That's the great thing about J Scott's book he writes about those little details so when you walk through, look at various things you can add up a general ball park number.

My wife just walked in my office and said it may be a tri plex... we are not sure  ! 

I have done hundreds of them and did them all myself.However in practice lender calling the loans it rarely happens as long as you keep the payments current.Now I am not a FAN of sub too for most Sellers I think they take huge risks because most buyers of sub too don't really have the wherewithal to cure if the bank calls the loan.So if you have as a seller deeded your property away and the buyer walks your screwed you don't own it any more so you can't refinance and you have to do a foreclosure to get it back which costs thousands. 

Run your numbers, walk around a bit to see who your potential tenants would be and assess your risk tolerance.Good luck and keep us posted.Sergio

Walk and talk, ask a simple question of everyone you meet (find these folks in public places, supply houses, stores, barber shops, where ever the public is permitted to enter)The question: "Excuse me, I am looking for real estate in the area, would you know of anyone with properties to sell?  

@Russell Brazil Thanks for the reply.Do you just walk into the bank and ask to see the asset manager?