The property is located in Maryland.I would contact the lawyer at the title/settlement company that I used when I bought the place and have him draw up the contract and have it recorded with the county.The property was a short sale, I paid cash and then rehabed it before putting it on the market as a rental.I have about $75k invested into it and I'm going to ask $150k for it.Part of the $150k price is that I'm going to pay all the closing costs so that the tenant/buyer doesn't have to come up with any money to start.He essentially just continues paying roughly what he's paying in rent, but he would be buying a condo.Does it matter that comps for that area are substantially lower than the $150k price that I'm asking for?

Most people who you ask will tell you the old tried and true: use your "sphere of influence" to find leads.

Unless you are finding the buyers too, your savings will be substantially less than 6%.

Ahhh, guess that's where all those influence points come from, LOL;;;;Wasn't aware of that!

maybe i'm thinking of someone else, but it's a lot tougher to get bank forgiveness on investment properties, especially if you have substantial equity

For the deal you propose Toni, your lender will make substantially more than you.

They may be influenced by some fundamental nationwide cycles (unemployment, interest rates, etc.), but otherwise they behave quite independently.

They look like substantial values given the current rents and projected expenses, but I can't find any lenders that will lend on these commercial properties because most want to see 12 - 24 months of actual income and expenses for them.

So basically, it's up to your own due diligence to determine if there is an issue with the basement flooding out and any issues (i.e. mold, especially in the drywall) caused by the flood, as well as any other defects in the property that would influence your decision to purchase.

Going to that level is a totally different game, you will have a bunch of employees, substantial overhead and a big pot of money which basically forces you to continue buying so you don't have to give the money back and cut your employees.