Always ask about "back end fees" because some lenders will tack on fees and points due at payoff, and you don't find out about them until you are sitting at the closing table.

Have your title company to review and see there is no underlying mortgages or tax liens, etc. and whatever amount of cash that you bring to the closing table pays off anything seller owes on the property.Good Luck!

It sounds like both you and your sister want control and would be a recipe for disaster.Why don't you just have a passive investor that brings the cash to the table??

this is a continuation of my previous thread about the deal i am working on. want your opinions, please.details:asking price - 80kaccepted - 63k75% LTVcash to the table - ~$18krent(good condition) - 1,150-1,250to get it to that condition, we are talking about 17-20k(max). mostly outdoor stuff like roof, windows, trim, gutters,insulation.

If not, partner up with someone who is and pass the lead for a referral, or split the profit for some teaching.Her options here are limited, because it looks like she wont be able to sell either one without bringing money to the table.

If you make an offer to a seller, you should be able to back that offer at the closing table or be honest about your ability and your intentions with your seller.

As a agent/investor I've come across of few of these on the buying side and believe me these agents are barraged with paperwork (Equator is a nightmare to deal with from the listing side because the banks can take constantly ask the agent and the home seller 10x for the same info) and they don't get much commission per house (we'll make it up in volume) so you really need to bring something to the table to be able to get their attention.

As for the 3.5% down, can you bring more cash to the table to bring down you're monthly payment even further.

If you buy buy it, subject to the existing loan, with little money out of pocket, and then it appraises high enough in three years to refi without bring cash to the table, you've just bought an apartment building with much less than the typical 30% (plus costs) down payment.

So she's making very good money YET not paying rent.THIS IS A HEADACHE AND NIGHTMARE WAITING FOR YOU AT THE CLOSING TABLE.