Hi Tiara, I'll lay my cards on the table here.

But from my neighbors perspective (from my observations) it is like chinese water torture and he is just waiting for the next drop to come.

Here are the details:Property type: DuplexPurchase price: $35,00030% down payment: $11,000 (rounding up for simplicity)Loan Amount: $24,000Debt service: $160/monthMonthly rental income per unit: $500 (minimum rental in that area)15% maintenance15% Vacancy (already have both units rented)Monthly Water/Trash: $50/monthTaxes: $142/monthInsurance: $50/monthUsing a real estate investment spreadsheet the numbers do not look bad but I would like to get some opinions on what I have missed.

It's listed at 99k and it's rents are listed as $1,500 plus all utilities except water and trash.

A contingency in your offer based upon the commission agreed upon in the listing contract that you are not a part of just muddies the water.

Ok, I did some quick research on this as I am now interested in trying this in one of my properties that we are going to have to tear up the floors in one of the bedrooms due to a rotted subfloor.According to askthebuilder.com you should definitely prime any bare wood but more importantly after the paint sets for a couple of days you should apply 3 coats of water-based urethane.

My big fear is that something comes up during a stay that I can't fix...like no heat/hot water. 

Are the units separate meters for everything and the tenants cover all,or do you have to bill back some (example water and garbage) since you are still the owner and responsible for paying them ?  

Also, are towe planning to pass water, sewer and garbage along to the tenant?

There are also a lot of strategies to look at when buying insurance. low vs high ded, foundation/water line cov?