I tried to include all the pertinent information below:Rental Income: $13,200Rent: Currently has a tenant on one side at $550 per month without a lease – I’ve made it a condition of the sale that the tenant has either signed a new lease with my property management company or delivers that side vacant; other side is not rented out due to required rent ready repairs; rental comps in the area show between $550-600 (I’m being conservative and assuming $550).Expenses:Vacancy: 10% ($1,320)Property Management: 10% of gross rents ($1,188)Property Taxes: $2,065 ($905 for City of Memphis, $1,160 for Shelby County)Property Insurance: $450 per year Repairs and Maintenance Assumption: 2% of Property Value per year ($980 per year)Utilities: separately metered; all paid by tenant except for lawn mowing at $25 once a month for $300Advertising: 6% (roughly ½ of first month’s rent) $792 per yearDebt Service: Based on $49k purchase + repair price, 20% ($9.8k) down, 5% 30 year fixed is $2,525 per yearLocation:This is probably where most of my concern is coming from: Western edge of Hickory Hill, Memphis, 38115; major cross streets: just SW of Clarke Rd and Winchester RdAcquisition:Purchase Price: $42k, seller to pay closing costsRepairs: $7.5kTotal Acquisition Cost: $49.5kARV: Large range of comps in the area, best guess is $60kFinancial Metrics:Net Operating Income: $6,105Cap Rate: 12.33%Cash Flow: $3,580 per year, $298.33 per month, $149.17 per unit per monthCash-on-Cash Return: 36.5%Do you think it's a good deal?

I want to clarify that I completed the form online for the LLC and obtained it and I applied for the EIN also on line and obtained that number.  

I own a small biz that does online retail and it is registered as such.

Thought the majority of Owner Financing is done through other investors.

But yes the plan in as much detail I can give online is to buy and hold for the long term and acquire as often as I can get the funds and find the right deals.

At such time the price of the dirt has appreciated so much that he was able to sell out for over twice the purchase price to a major home builder who tore down the office building and build a 24 unit townhouse development.

Buy anyways, she tried posting the property online for as low as $45,000, and even found a buyer, but the buyer did not have any any money and wasted a lot of her time. 

For the majority of them selling with a lease purchase won't work becuase they either need the mortgage out of their name immediately to qualify for a new house or they need the cash for a down payment on a new house.

I deal primarily in SFR's across Texas and I'm 100% online in my marketing.  

The cost variation between major and minor rehabs is too high for an average to have much meaning.