It sucks because:1.Too much back taxes unless you can get the seller to pay those off2.According to the OP the house is in rough shape with foundation problems,plumbing and roof which is going to be quite expensiveUnless those comps come in pretty high which I have my doubts this looks like a no deal IMHO.But I guess we'll wait until we find out what the comps are.

By his own statement in the OP he is not only accredited but he's a finance executive with a tech firm.  

 Not sure what OP mean (2 years of) 'tax returns do not apply', nor is looking into 'local people'.

Just added a note for the OP with 2 lawyers on the DFW area.

I did not see the OP say he wanted a turn key property or one that required no work.

Heat/Utilities $50.00 HOA/Legal $- Cap Ex and Ops $150.00 (this covers everything from snow removal to roof replacement

perhaps some lending institutions no longer lend for co-ops?

The building also has a coin op washer and dryer, I am not including this as I am not sure how much money they will generate. total rent $3200purchase price $232,260 ($237,000 with 2% seller paid closing costs)mortgage: $1,100 ( we are doing 10% down with FHA, this is including the PMI)taxes $389insurance $127landlord paid utilies ( water/sewer and house electric meter for common areas): $80maintenance/capex: $500vacancy: 8% $256Cash Flow montly: $748From what I have read most people on here are aiming for $200 a month per door this exceeds this requirement Cap rate 9.56Cash on Cash return ($8,976/$23,700): 37%This seems like a solid investment to me, its an older building, built in 1910 which is common for the area, but the basement and structure seems to be in good shape.

Sounds like the OP is being approached to participate in something that was popular here up until the bubble burst, then disastrous.  

Laat me weten als ik wat voor je kan doen!