I really hope to bring a kind of old school approach of sitting down face to face with owners, with no intermediaries or buffers.

After it is brought current the loan Balance is 65K.

Since there are only two, with that approach you drop the biggest income and see if the other qualifies alone.

By the way, if this approach IS valid, is this something flippers do/like to do/don't like?

I think if your married you might have a wife with a different doc as well so there is another approach have her drop your cards on her contacts and so on you get my drift.

Anyway, in getting the family involved or aware, make sure you don't make it appear that you need the family's approval for the deal, that will insult the owner as not being in charge of his own affairs.Best approach is to ask about family, what the kids do now, just be friendly and ask what they think of him selling the place.

Additionally, the Landlord/Seller agrees to hold the original Tenant/Buyer harmless from any further liability or obligation under this agreement or from any cause of action brought by any party caused by the Landlord/Sellers breach. 48.

This is completely phased out at 150k.Your expenses in any year are limited to the amount of rental income brought in.

Although I'm looking into looking at entering the market soon, I actually had this discussion with a friend of mine and he was wowndering what he should do with his capital and how to approach his first deal or two.

It sounds like you have a good plan to approach starting a real estate business...understanding the fundamentals and your local market will make you a much better investor.