Upon their deaths (which happened simultaneously; 'The Notebook' style), their lovely building was worth $10M and you inherited the property and sold for market value (you greedy SOB) with zero capital gains due because your basis in the property was 'stepped up' to $10M (I don't know the specifics of estate taxes but I think they kick in over $11.58M). 

I’m working away flipping cars, clothes and anything else I can find to save money so I can buy my first investment.  

Yea this propert is hard to comp because there just isn’t many properties of similar style and unit size sold or for sale in the area.

Our next meeting is Nov. 21 in person at Smoken in Style or via Zoom.

If you’re interested in obtaining a property “subject to” then your target market is exactly opposite, you want mortgage debt in order to take over ownership “subject to” the existing debt ( just the opposite of trying to find properties the owner will finance; with these debt free is better).The typical seller, in the type of sellers market we are in now (multiple offers, cash buyers, auction style bidding) who will do a subject to deal is one that financed his property with a minimum down payment (like 0-5%), hasn’t put any improvements into the property, isn’t in an area of fast appreciation, and needs to sell.

Real estate is seldom a short term play - in fact, other than rank speculation in Vegas style gambling, no investment is going to make you rich, or financially independent in a couple of years. 

The more you learn the better you will be able to decide what style of investing is right for you.Best of luck!!

So, I’m wondering what the best options for lenders are: portfolio or the standard bank-style lending, and why?

HELOCs will give you powerful "check-writing ability" that works well for flipping homes, doing BRRRR style investing, and similar, but can lack the stability of a refinance.In light of the current chraos (crazy chaos . . . the only sufficient description of our social, political, and economic policy interplay right now) I'm personally looking to secure as much good debt as possible, amortized for the longest period, for the lowest interest rate. 

need 3 times rent to qualify someone living on 1500 a month  take out 500 for rent  100 for utls  car if they have one etc.. leaves about 700 bucks a month to buy your food  clothes etc.. how would you do on 700 a month ?