You fill out the 693 pages of loan application paperwork and you're approved.

Alternately, hard money lenders understand private loans and have vetted paperwork.

Cons: NO idea how to find good renters and what kind of paper work is needed but have a friend who helps find units for people: might be vacant for a little before being rented.Option 2: 3 flat out in the burbs - listed currently at $610 - FHA eligible - put about $31,000 down - get 3 units - have to live in one technically because of the rules of the FHA but two are currently rented out bringing in about 3000 a month.

Our closing is tomorrow all paper work has been sent, all we needed was her to sign the addendum stating the new purchase price and everything else stays the same.

I really want to work with this investor and I see the long term value, but my time is extremely valuable and I don't want to get bogged down in a bunch of paperwork and logistical headache for such a small amount of money.  

Unless that is required for you area.These are very easy and tenant almost never requests a hearing or shows up to court so it is just filing paper work that is one page long.This is my experience in my area.

They will tell you the steps and what paperwork the judge requires.

With the area, it's more of a buy and hold rather than a cash flow investment.Details:Duplex, owner-occupied, no shared walls, (1st unit: 2/1, 2nd unit: 1/1, Total: 1545 sq ft, Lot Size: 7240 sq ft, Garage with attachment - 15'7x5'9)List price: $900K; Redfin Estimate: $920K; Purchase Price: ~$850K (15% down, 30 year, 3.6-4% interest rate quotes)Built: 1900-1940 (does not look that old, but agent checking actual date; paperwork might have been lost), roofs - 1990s, upgraded electrical in both units, possible copper plumbingZone: R3, can build maybe another unit? 

When this happened to me, I contacted the state's real estate board as the PM was licensed, but mainly, my new PM company was extremely helpful, contacting the old PM and giving her a deadline to transfer all security deposits, paperwork, and any back rents not yet paid to me. 

Ideally I would get conventional financing for it, so it sounds like purchase first then transfer, but with a larger headache from a paperwork standpoint to transfer.Thank you all for the advice.