Speaking with some property management companies, one response I've heard is "We do not manage any properties in that zip code."

First, you are going to have to subdivide the property which means getting a survey and going through the jurisdiction's subdivision process. 

As a landlord I know I am responsible for when plumbing goes or replacing a large item such as a stove. 

They other numbers are your responsibility to figure out. 

@Matthew Olszak Thanks a lot for the response...even if it's not what I was hoping to hear.

Here's how:I would have to discount what he wants down to around $10-15kI would buy it subject toI would sell as a lease option for around $390k <- I'm selling on terms so the price is higherI need a nonrefundable option consideration of no less than $20k <- money in my pocket to do what I want withThe payments each month is $2000 They are responsible for maintenance and repairs as a condition of the lease option agreementThey will need to refinance within x amount of years or they lose their option considerationIf they don't buy it, they leave and you do it all over againThat's what I'd do.

Can I just say...I'm not 26yo, but am very new to real estate investment and have found value in all your responses above.

The above responses are on point.

@Peter Prawel Man Peter, with me being a broker here in chicago, i feel like my response needs to be loaded with scenarios but I'll just keep it simple.

Thank you very kindly for your response.