All younger people should be considering trades right now as that industry will be paying more and more over time.

Close costs/carry on both sides will be around $17k.

However, profits would be bigger if there were no HOA fee and there would be more opportunity to make improvements on the property.

Purchase price: $242,500 Cash invested: $49,000 This is an older house, built well on concrete block, that is next door to multi-million dollar houses on the water.

I'm may keep it for a rental but I still need to totally renovate it for 2-3 months, so it will be vacant.

I agree as well.

here is the situation. i left a really good paying job to take care of my 81 year old parents because my dad is chronically ill and my mom is almost there. i wont go into too much detail, but my sis doesnt help them. ill leave it at that. we have a person who comes twice a week to help with cleaning and other household tasks. i carry the bulk of the weight cooking their meals, running errands, grocery shopping, picking up meds, and taking them to dr appointments. its a full time job. i get a small salary of $1000 a month from a care giver sub contractor for the VA. ive been paying my bills with what savings ive had, but only have a few months of funds left. i own a duplex. i have over 200k in equity. i live in texas and texas has weird laws about refi and heloc/heloans when the property is 4 units or less and owner occupied. i would rather not sell, but if thats my only option i will have to at some point.does anyone have any advice or possibly be able to point me to lenders who might be able to work with my situation?

If the lease is at market rents and the unit is in great shape, it could be attractive to another investor.

If you have the right location (in town or by the beach) and provide an above average property, you can do well.  

Leather is a good option and it does get a lived in look after a while which can be either a plus or minus.