Update!

Update/status ? 

,it’s a 1 acre+ “estate” with a circle drive, private entry gate, the whole nine - it basically has everything we want in a dream house after a few cosmetic updates. the location is better for work commute and rentals, but the surrounding area is less posh and we cant walk to restaurants and bars like our current location.

I have MLS access and I look at REO's and auctions regularly but I have to admit i am stuck.

I will keep you updated on my status and experience

Some buyer down payment, owner holds second note, first note by regular bank lender.3.

Wondering if there was any update to this thread.

As an update, I received a copy of the rental license from the seller which in addition to historical zoning approval, confirms that the zoning is correct for its intended use as a duplex.

another thing that occurs to me is something that you should so anyway: regular inspections. quarterly, or at least semiannual inspections are a must. and make sure the tenant knows you're coming through at those intervals, because you want them on notice that you're paying attention (e.g. grow houses, broken stuff, holes in walls, etc.).

.* in our country it is mandatory, according to the law, to manually announce (report) an income, regardless of source, that doesn't come from employer from regular job.