Mainly, I'm just interested in what definitions you're using to claim that this property would "cash flow".Sorry to OP for going off-topic. 

Some of the main points (all of which are availalable on this site/podcast) were the evaluation of purchasing a property and making a list of all items that will eat into your profits. 

This is probably mainly a problem with bad RE agents.

We have decided to change it from a 3 family to a two family where the bottom basement property can be rented out and the main three floors is a single family.  

As far as the low pressure, as I suspected the main water valve was not fully turned on.

Total Purchase price = 500kGross rents = 102k/annually (when fully occupied)My main question is this:Should we go for a loan through a bank (commercial mortgage w/20% down) or a private/hard money lender?

These are fairly common and, as a bachelor, would make an ideal area for me to reserve for personal use while the main home sees both personal and rental use.4.

What is the main occupation for majority of the folk there ?

@Vick Galu yea, I mainly cold call as of now .

Low to no time investment, long-term hold, ok with giving up some control if it means having help.What I don't like- using 200K in cash leaves you with no leverage, which is one of the beautiful elements of RE investing.