Vacancy is almost zero and you always get paid. 

Just got the prelim title search for a property, the owner has a recorded federal tax lien on early June 2007, that lien is attached to his property, around $110k and he obtain a mortgage by refinance his property( property is previous paid off), the mortgage is signed by the End of Jun 2007, recorded by early July 2007.

This is all assuming I am able to find a property that cash flows sufficiently to where my living expenses would be paid for by the tenant I rent the second unit of the duplex out to.Sound insane?

I feel like purchasing a duplex, living in one unite, renting the other out, and purchasing a deal where the numbers work correctly to where my living expenses would be paid for by my tenant, would be an excellent way to not only help me achieve my goal of paying off my student loan debt, but also help me get a taste of what land lording is like to see if it is a route I would enjoy taking. 

You are just getting an idea for how much you have to put in (if paid all cash) in order to get a certain monthly rent.

My college and potential partner,have good credit score (~750+),but he had a public record.The record is account paid,but information is still in his credit report and it is said the record will not removed until 2019.My concern is that can he still get mortgage from lenders?

I have 1 rental right now and I only paid $500 down for it!! 

Ashley - I don't know if this is a good deal or not - but I did respond to that listing - it looks bad and empty - There could be lots of equity or lots of stress - I like in and out in a short period of time.In my opinion every property offer is a "deal" - Every property offered is or could be a good deal -The only thing that make a property a bad deal is PRICEEvery property will sell if the price is rightTime on the market and price (reduction) are close cousins -Price softens as time moves on and motivation and reality is realizedEverything will sell at a price -The first thing I'd want to do is get the history of the property - how long on the market, why is it vacant - what's the reason for selling -What is the current mortgage balance - is it current or in the arrears - What other liens or obligations are on the propertyHow many owners - decision makersWhat is the commission - will agent splitAre there open to a reasonable and creative offerDo they want any profit or to just get it out of their nameCan down payment be paid over timeHow much paper with they accept - delayed payments - principal mortgageAshley - since you exposed this property to all of us - You should see if you can get the answers to those questions above - and play the game - WHAT WOULD I OFFER?

The benefit is that the payments are taken from your check pre tax which helps and you pay yourself the interest rather than the escrow company.

I wasn't sure if banks would be more willing to loan if I had two paid off in the single LLC.