----------------------------------------------------------------------Property type - 2 duplexesFannie Mae REOPurchase price $369,000 (includes $40k renovation)Financing - FHA 203(k)Down payment - $8559Out of pocket renovation - $20,000Rebate - $1500Final out of pocket - $27059Here's the monthly cash flow -Duplex 1PITI - $1467.50Unit A rent - $1100 (below market - this is a family member)Unit B rent - $125015% vacancy/maintenance reserve - $352.50Net income - $530Duplex 2PITI - $1467.50Unit C - owner occupiedUnit D - 20% personal use, 80% vacation rental - $1500 (average)15% vacancy/maintenance reserve - $225Additional VR expense - $450Monthly loss - $642 <--- Not quite living for free, but not bad...and my in-laws have their own apartment when they visit!

What you actually do with his deposit is your decision, even though I believe you deserve to keep that deposit to cover him breaking the contract for the deposit, which was move-in on x date....next time read this document below on how to handle accepting deposits and lease signing.

"Don't worry about filtering it beyond residential addresses.

I know it would be a bad idea to fudge on the 50% as my targets are 80-100 years old with flat tar/gravel roofs.

This seems to be enough to drop my cash flows below the 100$/unit which really makes me start to question the deal.

I'd think student loans would be low enough rates that you could wait on paying them off.

If the property were well documented (photos, maps, assessment, inspection, etc), and it were a very good deal (at least 25% below market value), what would be the chances of my finding a buyer to assign it to within 30 days?

In this instance, Either the purchase price will have to be lowered or the buyer and seller must work out another arrangement for the 15K balance.

There are only a few ways it can go OK.If you want to do this, insist the seller apply your down payment and enough additional money directly to the existing loan to bring it down below the loan balance.

Syndicators generally try to stay below the REIT radar and work on projects too small for the big and too big for the small.