I'm in Canada and if you put 20% down or more, you don't have to pay it and it is pricey.

Paying too much from the outset.

He was being foreclosed because at least one of his tenant wasn't paying and he couldn't afford the mortgage. 

DetailsPurchase price: 1.1MReturn (IRR):11.86% per yearCapitalization Rate:5.45%Total Profit when Sold: $1.16MHolding period: 20 years5% down (so that I can take maximum leverage)mortgage rate: 6.7% 30-year fixedVacancy: 5%Management Fee: 8% --> I used this only for calculation but as I will be staying there, I plan to self-manage it.Cash flow: negative $1500 --> My primary job pays decently and I can manage this and have 12 months of reserves.

How do I get it off the ground?!!"

Remember, the value is just what a buyer would be willing to pay for it and technically, there is no way of knowing that for any property, unless it is for sale on the market.

Don’t skimp on screening or you will pay for it.

@Samuel Coronado My experience with building lot purchases is they’re usually only worth what you pay for them once.

They are currently paying $1050 and the current market rent is $2000.

Where the property does not currently cash flow, would getting and paying for a personal loan in my name, lead to potential cause to pierce the vail in a potential legal dispute if all the expenses associated with the loan is ran through the LLC?