Hey everyone,I've found a potential property investing in through craigslist and I had a few questions regarding it.Here are the details:Triplex fully rented: ASKING $479,000 - 3 Bed 2 Full Bath (rents for $1200) - 2 Bed 2 Full Bath (rents for $950) - 2 Bed 2 Full Bath (rents for $950)They say that the tenant pays for cable, electric, gas/propane and the landlord pays for insurance, mortgage, property tax, and trash.

If that issue is not resolved you or your attorney can begin eviction proceedings.

If just your mother, then your next step is to start probate proceedings.

@Sean Fisher The HUD FHA 223(f) insured mortgage program for apartment and multifamily properties is one of the best financing programs available.

Well, you could hypothecate a note then use the proceeds to pay the debt............

The numbers look good:Location: Broadway HouseNumber of Units: 1Rent: $1,350.00 Square Feet: 1,666 Upfront Costs:Cost per Unit $95,000.00 Price: $80,000.00 Cost per Square Foot: $57.02 Cap Improvements & Repairs: $15,000.00Cash on Cash Return:19.84%Total: $95,000.00 Debt Coverage: [minimum 1.6] 1.78 20%Down: $19,000.00Capitalization Rate (ROI)9.05%Current Assessed Value: $29,666.00 Loan Amount: $76,000.00 Net Cash Flow per month: $314.08 Interest: 4.88%Net Cash Flow per month per unit: $314.08 Term (yrs): 30Total Rent/Month: $1,350 GROSS SCHEDULED RENTAL INCOME: $16,200.00 Less: Total Annual Debt Service: $(4,826.40)Less: Operating Expenses: $(6,470.63)Less: Vacancy and Credit Losses (7%): $(1,134.00)NET CASH FLOW: 3,769 NET OPERATING INCOME - (NOI): 8,595 INTEREST: 3,680 DEPRECIATION: 3,455 NET INCOME: 1,461 Property Insurance: $1,000.00 Property Management (10%): $1,620.00 Placement Fee(30%): $405.00 Real Estate Taxes (5.06179%) $1,501.63 Repairs and Maintenance (12%) $1,944.00 Services: Snow Removal: 720 Utilities: Electricity: N/A Gas and Oil: N/A Sewer and Water: $30.00/mo Other

The reinvestment requirements of the 1031 exchange are still in force - you must purchase at least as much as you sell (that is the 85K) and you must use all of the proceeds in the purchase (that is the 85K of cash proceeds).So you will purchase the property from the intermediary using $85K of exchange proceeds and then either bringing a new loan for the remainder, assuming the balance of the loan currently on it (from the family member), or simply bringing cash of your own to the closing.Your intermediary will sell the property to you (or hopefully if they're thinking about it they will assign you the membership interest in the single member LLC so  you avoid a second closing and transfer tax and you get a free LLC out of the deal) and pay off the mortgage they had to make to the family member.You cannot accept cash from the closing of your sale without incurring a tax event.

I have not seen small condo projects because the construction defects law is not yet fixed so I think you will have a hard time finding insurance to build them.

so 4K (x2), 400 (x4) 1K (x3) = 12K + little things here and there IE 3 flooring redos at 2K a pop, so 18K total over 27 years.That's assuming I hold it for 27 years, at which point now it's free and clear so my cash flow turns into $600 a month.Your property analysis adds $213 for utilities I'm assuming that's HOA/Insurance?

after 6% interest on my heloc and the conventional mortgage, realtors, closing costs, insurance and the rehab...