Ask them for a copy of their purchase agreement and have it reviewed by attorney to see if the terms are acceptable to you.5.

+1 for immersing yourself and finding a mentor/mentors.There is a wealth of info on here and a lot of knowledgeable people who would be willing to help.Other than a book purchase I would avoid any courses, as the info is readily available if you are willing to spend the time to parse it.Build a 1, 3 and 5 year plan and execute while remaining flexible.Good luck!

It might be easier to treat it as a full scenario with Purchase price, Down payment, Term, Prorgam, occupany, number of units/rents per door, Taxes/Insurance (Any flood, HOA) etc. 

We are seeing opportunities for positive cash flow with creative acquisitions, but if you are looking to purchase conventionally, it would be really tough to make it work with the average prices versus rents that we are seeing in South Florida.

Is it worth removing this tenant and having it sit vacant while you find a new tenant.If your intention was not to keep this tenant then I would have had the owner deliver it vacant, unless you think this tenant can afford a higher amount (which probably cannot but I assume you have info on this tenant to make that decision)

Realize you may be better off using cost segregation to achieve greater tax benefits immediately for purchases of STVRs.

Thanks in advanceAre you asking about obtaining financing for the $230k down payment needed to purchase the property by assuming the existing mortgage note?  

After purchasing my first house, I had trouble sleeping due to being a new property owner. 

Give me a shout and talk to me about your purchase preferences and I can try to guide you. 

I am a new BP Pro member and have spent the last couple of months in my area looking for great deals - any of the properties worth purchasing just seem to require an extensive amount of work.