But by doing so, you learn by doing, you make it worth my time because I will be earning - and you will earn too.

Some advantages might be the current state of the dollar and qualifying for traditional financing if you're a Canadian.If you wanted to proceed you would want to speak with an accountant about reducing the impact of double taxation.I certainly think there are opportunities to be found, particularly if you have some kind of insider knowledge or connections that will give you an advantage in the market.

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Estimated Income and Expense:Rental Income:1st Floor 2 beds with finished basement and extended kitchen 1,300.002nd Floor 2 beds 1,100.001 Car Garage 125.00 Monthly Income $ 2,525.00 Yearly Income: $ 30,300.00 Yearly Expenses: Real Estate Taxes $ 8, 187.00 (these taxes can and should be appealed for a lower Assessment an estimated lower assessment should be about 300,000.00 which would reduce the annual taxes to $ 6,768.00.)Homeowners Insurance 1,200.00 TOTAL YEARLY EXPENSES: $ 9,387.00The water and sewer will have to be divided between the 2 apartments, the gas and electric are already separated.

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From a financial perspective, I assume he is purchasing the homes for ~$10k, investing $5k, selling for ~$60k w/ 25% down, so his cash is back out, but now he's earning the %% on the mortgage.

They have to earn their keep and if there are no little easy fix items they will invent them, which they did on ours.

There are many high quality passive real estate investments avialable, and reduce the risk for you.

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If you acquired all cash you would earn a higher return but if it's not possible to go in with no debt then the deal deserves extra scrutiny because your margin of safety would be thinner.