Thanks in advance.I am guessing you have an FHA loan on the house and the new buyer will be purchasing with an FHA loan?

Even better, I might be able to snag it well under market value since it's an estate sale that's been sitting on the market for nearly 200 days.Here’s the challenge: while I could afford to purchase the property under market value, I’d be stretching my budget thin to cover the mortgage during the period I’d be remodeling the basement to make it rentable.

Purchase price: $275,000 Cash invested: $129,000 20-unit hotel, was abandoned and had sat on the market for 3 years.

- Look into if property taxes are reassessed after purchase.

My mother-in-law wants to help my husband and I on our first real estate investment purchase. 

I see people purchasing new STR's here and others dumping their properties or converting into LTR's. 

I would appreciate any advice on anything I may be missing with putting this together or should neogotiate before finanlizing.Negotiated so far:Property: 9 Unit - 7 Apartments + 2 Commercial Garages (4 unit apt building + 3 unit apt building w/ commercial garage attached + standalone commercial garage on same lot)Background/Why owner is selling: A seasoned builder of 50 years, the owner purchased the property in the 1970s for around $8,000.00, later developing three apartments and two commercial structures.

@Fulati PaerhatiRecommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?

I started purchasing a small multifamily in Columbus, Ohio 2 years ago.

Hello all, I recently purchased a condo on the east side of Madison from a foreclosure sale auction.