One thing I forgot to mention earlier, he did say that he would make interest only payments of 7% to me, until the refi.

They have a newsletter full of content that you can customize with your contact info, and print off and distribute.Then, I would pick an area that you want to farm. start small, and add additional sections as money becomes available.If you are really eager, and ready to work for it, print off the most recent comps of your farm area (or the newsletter as mentioned above), and go walk the neighborhood. 

You mentioned that you plan to take a HELOC to do investing.

The rehab estimate is nearly $10k less than I have ever spent, and did not even mention the exterior of the house, which is one of the ugliest in the neighborhood.

Hey Joe thank you for the mention!

@Lisa RispoliI know this was ages ago, but I am curious - how did everything worked out for you?

What area is the $17k condo that you mentioned?

CAPEX should cover some of it if you budget well. but like others have mentioned if financed, You WILL have to get insurance in all situations

A couple weeks after closing, the buyer came back to me and mentioned that my property management company signed new leases and filled the vacant unit with new tenant during the escrow process (after I signed the contract but before the escrow closes).The new leases are 1 year long and the new owner is not happy as he cannot raise the rents.

I actually bought a 4 unit a mile away for $45,000 last year but that needed about 30K worth of work so I feel this is about right as this one is turn key with no repairs needed.The seller financing deal - Sales price $63,500Cash at close from me $50004 year note @ 4% for remainder ($58,500), monthly payment of $1000 with balloon at the end, no prepayment penalties.Monthly projectionsIncome =     $2200Expense=    $220 management                     $220 CAPEX = No problems yet but "Unknown age" on the roof and owner has had property for 20 years                     $480 Insurance/taxes = Total taxes for 2017 were $4982 on assessed value of $78000 plus $600 a year for insurance