The owner/occupant has a bit of financial trouble.I would like a solution that allows the current owner/occupant to stay in place, but also secures the property for our future use.I've considered purchasing it and offering lifetime in exchange for rental payments equivalent to property taxes, insurance, and a maintenance allowance. 

If your profit per deal is 30K, and you do 4 deals in 7 weeks instead of 1.5, then who cares that they paid 3 percent higher on interest or 2 or 3 points.

AppFolio seems to be a go to for larger operators but requires fifty units to get started.  

Also, majority of the deals I acquire are 70 percent deals, so I would say that is definitely feasible.

I have 2 fifty gallons in my own personal home and have run out of hot water on rare occasions so it’s not likely that the current/complete understanding of your system (as you described it) is accurate.

I think it’s a great deal that passes the one percent rule and is worth pursuing.

The 8% percent would be IRR.

The percent of rental income used to calculate income varies depending on your situation- Do you currently own your own home?

We could only do 10 percent down, so it looks like I wouldn’t be able to rent the condo for above the mortgage, since I highly doubt that a 2 bed condo in Southeast Austin would rent for over $2000 for quite some time.

That will need to be caught up (or paid off) to get the deal to work and ten percent down may not be enough.