,I put your #'s into my analysis spread sheet I've been using for years (with estimates for unknowns) and it looks like your deal is pretty good.

My biggest roadblock has probably been fear of the unknown.

Alwasy hesitant to buy MFH because of unknown.

became an unintentional landlord 3 years ago on oct 1st. wanted to share with you the tracked expensed over past 3 years.rent $900, $925, $950, $975 (tenant renewed 10/1/2012 for 4th year)Per month average over 36 months: $626 P/I/PMI $199 HOA$116 Repairs/capital improvements$ 6 Vacancy$ 114 Taxes/Insurance$1062 Total Expenses + debt paymentcurrently -$86/month cash flow(this is why you do not buy a condo &, for newbies, to have reserves for the unknown)

They will not accept funds from an unknown third party unless you a have paper trail from the items I noted above.

(Let me note that there are not many banks near my parents' house; sending them to a bank on Saturday would likely be very awkward.)Anyway, tomorrow I am going to be showing the house to at least 5 people, with one more unknown.

You have unknown credit (in the US) and cash so you are still better off than some.

DRIVE- best way of finding property is to take long drives into areas that you may or may not know-unknown streets and cities. generally when you see overgrown grass and general unkept look you've found a possible deal. thats one way, the other is to look in the RE books in the market and checkout realtor listings,get 2-3 books.lastly is google "foreclosure listings" in your area. you have got to your end of the legwork- otherwise the deals will pass you by.

Another question I have is once an inspection is done, what do I do if something unknown is found like mold or termite?

You will run into unknown situations all the time when you are starting.