This seems like a far simpler way! 

Hi everyone,I am closing on a Northeast Philadelphia triplex by the end of the month.It currently has 5 beds and 2.5 baths, with 3 units that have their own separate entrances.The first ground unit is a small studio space that I plan to live in, that rents for approximately $750 a month.The second ground unit is a open concept 1 bed 1 bath that could rent for 950 a month, but currently rents for $860 a month with the existing tenant.The 3rd unit is an upstairs 2 bed 1 bath unit with an unfinished roof patio access, and an unfinished attic space that could potentially be renovated into another room.There is also an unfinished basement space, and a 1 car garage with a fenced in driveway.I am trying to maximize the space once owned, and was wondering how I should get to the highest and best use of the property.I have gotten some suggestions ranging from creating sectioned off storage space in the basement to rent out, to finishing the basement to make into another livable space as it has it's own egress.

I have seen a TON of advertisements about Lease Options and I really like the concept since it is low to no money down. 

This concept isn't something he's done yet, but it is something he's talked about. 

Life will be much simpler if you act like it.

@Henry Clark I am intrigued by this business concept! 

It will cost a bit for them to give you the specifics, but I am guessing the added open concept and updates will make up for it quick.Good Luck!

So I have this scenario:Tenant early termination, fee = $800 (equal to one month's rent)Security Deposit = $700 He is entitled to security deposit as per condition of unit, however he has not paid the early term fee, hence he is not cleared for the security deposit if he owes us $.He is not grasping the concept of, why can't he just pay me $100 (the difference) and call it a day?

The basic math is the same, and general concept of cash flow. 

(As always, do the #s to make sure it is, especially if you're not sure.)If you're a beginner though, and you're just looking for a good deal (10-15% below market), not a great one (20%+ below market), then it might be simpler to just use bank financing to do the purchase for now, and start building relationships with private lenders now in case you do come across any great deals in the future.