Things like Legal, Accounting, Marketing etc. can all be things that you would want to account for even if just as a miscellaneous/fudge factor.That being said with that giant vacancy rate and pretty healthy maintenance line item the numbers look pretty solid.

He has not had a late payment in over 2 years from them.He is willing to sell it for 55K (he owes about 53K) with at least a 5 year balloon, so we can get a couple of years of rental history and then refinance into a traditional loan of some sort.

Traditional 20-25 percent on a property between 100-200.

Maybe I'm wrong and just don't understand investments at a distance.This outfit from Memphis also listed potential cash flow from these properties, however, with the sizable down payment, the cash-on-cash return is back down to the 7-10% range, which is again quite possible with REITs or even some strong LLPs (EPB, KMP, KMI) or traditional blue chip stocks (T).** Disclosure: I'm Long EPB and KMI.

Although, I will tell you my long term life goal includes a passion item I don't share in public.

That may or may not be a new build, likely not.The beauty of buying the existing older home is that your inspection will uncover needed repair items and life expectancies of your capital items.

Their actual work was alright, but they definitely skimped out on a few things and had some other items that were done a little sketchy.

Many times if you are just cleaning a place up the inspectors let existing noncompliant items slide.

Hard to tell if this is a good investment without doing your homework on the above items.

You might also set some key word alerts for areas or items of interest like "Missouri" or "joint venture".Get deal one going!