If you buy pre-existing, you'll still be looking at 400k or above.  

You can do this with a simple, one-page addendum, or even a written statement added to the existing lease and signed by you and the tenant.Example:This lease agreement is hereby amended to reflect the change in ownership of the rental property located at 123 Straight Street, Cody, WY 82414.

Lauderdale, FL• North Palm Beach, FL• Plantation, FL• Pompano Beach, FLThese acquisitions were done creatively, assuming the existing loans via subject-to deals without inspections.

Patience can be your best friend and if you attempt to over leverage a property it can come back to hurt you.Some will recommend buying subject 2 where you could take over an existing mortgage that could be at a substantially lower rate - but if the lender finds out and calls the loan that could also be very bad.

There are so many ways to approach this model, from buying existing, to retrofitting homes, to building new.

It makes you look like you’re asking for a new build, not an existing home. 2) Anytime you mention big items like HVAC/roof.

In cities with static or declining populations, the existing housing supply typically meets housing demand.

I negotiated through the original contract and then put the rest of the deal together with an existing group of investors.

PMLs exist, there's zillions of them, real estate investors work with them every day and PMLs fill a need and have a role to play as a specific tools for a specific situation.See if you can put a sharper point on your question.Mike Thanks for this Mike! 

@Benoy Varghese When I take over a property I send a letter to the existing tenants introducing myself and telling them where to send rent and provide the necessary information regarding my policy for dealing with maintenance issues.