See http://www.biggerpockets.com/forums/311/topics/183...And even if you owned the house subject to the $155k mortgage, all of the numbers above still hold true - unless you are just banking on rapid appreciation (another risky proposition), I don't see the benefit of owning it sub-to. 

I think we do PM better than at least 90% of companies in Killeen, but different companies may have different value-propositions and I would encourage you to check out more than a few other recommended PMs in the area.Our broker is CJ Rogers and his contact info is [email protected], 512-563-4787, if you would at some point like to interview him.Again, hopefully you can get some other recommendations to check out, because picking a good property manager is pretty darn important.

Secondary markets, especially 18-hour cities, are emerging as great relative value propositions.

In California, the assessed value can be VERY far off market value due to the various CA ballot propositions that set assessed value upon transfer, and then only allow very small increases per year.  

If they won't agree to that fair proposition, then you have your answer.

I’m willing to, initially, receive no cash flow if I’m into this thing for no money.Here’s the numbers and my current proposition for her, and where I need your input: Currently, the property brings in $1550.

It’s a go/no go proposition to buy or not.

For anyone who hasn't had the pleasure of visiting CA, Proposition 65 requires that everything that could cause cancer be labeled with a warning.

@Edward Liu House hack refers to you living in the property, not value add proposition.

That's a get rich very very slowly proposition.