It depends on what you are spending on the deal.Sounds like it is about 50% expense ratio at 54.55% which I think is along with industry standards.The net income looks like its $23,543 for the seller.What is his interest rate?

The rent to price ratio's look really good for Texas (as well as compared to national levels) and my models cashflow at 20% down if the rate is at 5% or lower, really at the current rates its more breakeven but there Refi potential over the coming years and there is appreciation upside in my opinion with the new Tom Thumb, HEB, and Target breaking ground this year making Forney a more classic style suburb.

Here's what it says about that"Section 504 applies to housing that receives Federal funds.

But the city has risks too: historic tanneries, dry cleaners, gas stations, garages, workshops, any kind of industrial use - always be suspicious of what people did with chemicals back in the 50s and 60s when the general population had no awareness of the damage I just had to turn down a small development  10  house's or 20 detached as phase 2 found chemicals for the Filbert orchard ( Filberts are hazelnuts ) that was planted 30 years ago.the soil had to be dug down 1 to 2 feet analyzed and hauled to special dump at 3X normal dump fee's.. there is a reason why we do phase 1 and phase 2 and just dont buy this dirt and take on those liabilities.. now to be fair this is for lending purposes is someone want to buy it the county / city would not require the phase 1 or 2 but you take on going risk of someone suing the pants off of you in the future.

I’d appreciate some feedback on my current approach and advice if any.Here’s what I’ve done so far:Pre-Approval: I’ve secured a pre-approval amount and interest rate from an online mortgage lender.Property Analysis: I’m using the mortgage and STR calculators from BiggerPockets to assess the financials for potential properties.Neighborhood Research: I’ve been exploring different neighborhoods using Niche to get insights into schools, safety, and livability.AirDNA: I’m considering subscribing to AirDNA for data on occupancy rates and rental income estimates.Questions:Is AirDNA worth the investment for STR data?

The tax advantages of buying/holding gas stations are pretty great.Many of the components of gas stations including pumps, tanks, external parking areas, and other equipment are classified as either 5 or 15 year property so you can bonus depreciate a lot of it (minus the land value) and get significant deductions in year 1.With the current bonus depreciation rate at 60%, a $1 million gas station acquisition could still lead to $100K+ in year 1 deductions depending on the specifics of your deal.

Hey Hai-Section 8 housing rules vary from state to state and even city to city.

Back when I was buying/rehabbing houses to hold, I had a couple people from bp contact me and do just that.   

Memphis has a pretty affordable housing market and tends to offer solid rental yields, which might align well with your goals.

I have found that there are 3 main parts to a seller financing deal: down payment, interest rate, and price (4th would be the term).