Bill, that is a really good example of finding the good soft spot of a very particular seller (In this case, a charitable cause) combined with the right skills to execute it and you've got a successful deal.

If the market is soft and you end up holding it in a depreciating market, you could lose your butt!'

At first I started off trying to wholesale deals, but it has not be going to well.

By "sources" I mean that I have found a private lender that acutally seems willing (provided he likes the likelihood of the deal closing) to put forth earnest money without being a equity partner in the deal.Most importantly, I have found some smaller bank/credit union sources for unsecured loans which can be used to cover "soft" costs such as appraisals, earnest money deposits, inspections and the like.Yes, believe it or not there are still a few banks providing unsecured loans.

HUD pays that or close to that so my income amount should be pretty sure.Taxes are 1200 a year, needs around 80k in rehab which IF i were to do it I could cut it down to 60ish.Owner wants 20k a unit and is after we hit off to well, is willing to carry a 100k note with 20kish down.All the units have their own meters and such, so no items on the monthly besides the insurance and vacancy.Questions, thoughts.

One person will want hardwood everywhere (allergies, etc) but others will need carpet (small babies need a soft landing).  

Throw in the towel and just bird dog this to someone with more experience and learn during the experience4.

I am very happy with it, mainly because it'll be a soft intro into being a landlord, however I do feel I would need to do much better on future acquisitions to actually make a profit or I'll be stuck.

If you are going to Wells Fargo or BOA then sure you will have a hard time. 

They could hang rock, tape, prime/paint, set all the fixtures, tile the tub surround with a bench (bathrooms are 6' wide requiring a bench at the end of the tub), niche, tile floor, 4" tile baseboard and install all the finishes; towel bars, lights etc...