That's hard to envisage, but sounds terrible.

FWIW, here in my area (Western Mass -- not terribly far from NY), it is unusual for the buyer to pay; I've always noted this as it seems strange.

I should add that I am not terribly into debt, as a philosophy, so since this house is free and clear it will, in most economies, cash flow at $20,000+ per year.

Hi Lisa, talk to @Peter MacKercher, he's not terrible :)

Does anyone have recommendations for a good property manager in St. Louis city? I have properties in Tower Grove South and having a very hard time finding a good manager. I have wanted to purchase more but am having s...

It depends on the existing condition of course, but if they are all not terrible then your budget of 10k per unit might be enough, especially if you plan to do some of the work yourself. 

Terrible situation!

You have a lot of options here but you definitely don't want to get caught helping out a friend and getting a terrible deal out of it if your goal is to add this to your investment portfolio.Also, I see you live in Mesa.

Learn everything you can about this sub market then find a manager that knows more than you.And last find a great deal with enough cashflow to pay your team, yourself, your debt, and keep operating reserves full.You'll need to plan ahead so nothing goes terrible wrong and build trust In your team for when things change you and your team can pivot with the changes.

- Now, I've seen terrible CPAs and terrible EAs (And great ones of both as well).