I closed on Rental #4 on Wednesday... went straight from that closing to the inspection of Rental #5 which should close here in about 2 weeks.My accountant won't be thrilled with me this year, but things are moving right along.

The numbers work although using the 50% rule you'll end up closer to 190 a month assuming you could pick it up at $52k.

They will not extend maturity until closer to the date and may not do it all.

I read a lot of articles that give advice on the importance of getting a home inspection done before buying a property.

Most sellers won't even know you had financing, so long as you can get the appraiser in.You better do you due diligence during your inspection period or you can be had.....

If not with increased management fee you are looking closer to 60% to 65% cost and not 50% annually.Tenants not directly billed bu the water authority use about 30 to 35% more water monthly and do not report water leaks.If the tenants are not paying then you will have months of lost rent,damage to the units,and reconditioning costs.You need to pay close attention to the EXISTING tenant base going in.Run your own checks on them.The existing landlord might have just filled the building up to dump off crap tenants on someone else.The fact that this property has changed hands so frequently leads me to believe it has serious problems.People get think they get a deal and then want to jump off the burning ship quick before going down.Check title history chain and see if you can locate previous owners,their attorney etc. on documents.You can also look up if a previous corp bought it and the controlling officers.

I am looking to build closer ties to folks who actually do what I dream to do and right here in WA, so it is nice to meet you and all the good folks here!

Owner Owes $85,000PITI is $794.00.Owner lives in another state and home is vacant.Our Strategy:[/b]RESIDENTIAL LEASE WITH OPTION TO PURCHASE AGREEMENT©I believe the RESIDENTIAL LEASE WITH OPTION TO PURCHASE AGREEMENT© is the Agreement used between ourselves and the SELLERRESIDENTIAL LEASE1) Rent: $ 800.00 per month (Based on current rents in the area)2) Lease Term: 12 months, beginning September 1, 2012 and ending September 1, 2013 .3) Maintenance: Buyer/Tenant will be responsible for maintenance and repairs of the property, not to exceed $200.00 per incident.OPTION to PURCHASE4) Purchase Price:$89,9895) Option Period: 36 months, beginning September 1, 2012 and ending September 1, 2015.6) Option Consideration: $10.00 All Option Consideration will be credited in full toward the purchase of the property.7) Rent Credit: Buyer/Tenant will be credited $400.00 per month toward the purchase.8) Closing Costs: Purchaser will pay all allowable closing costs.9) Expiration: This offer shall expire on August 9, 2012 at 12:00 midnight.10) Inspection: This offer is contingent upon physical inspection of property and subsequent completion of a formal and signed Residential Lease with Option to Purchase Agreement.MEMORANDUM OF OPTION to cloud titler Tenant/BuyerWith our Tenant/ Buyer we will use the following documents:OPTION TO PURCHASE AGREEMENT© which cannot be assigned.Purchase Price: $93,000Option consideration: @5% $4650.00Rent: $900.00Lease: 12 months, renewable x 3.RESIDENTIAL LEASE AGREEMENT© Unassignable.Your critical analysis of this deal is highly appreciated.

FMAC may decide to list much closer to retail value, especially if the property is in good condition.

Get a thorough home inspection done to make sure there are no surprises.