If they do exercise their option, I don’t mind rolling the capital gain into another house or apartment building on a 1031 Exchange.

With the IRS approved Solo 401(k) Plan, roll over your existing IRA or 401(k) plan funds tax-free into a new Solo 401(k) Plan and use those funds to make tax-deferred investments, such as real estate, while also gaining the ability to borrow up to $50,000 as well as make annual plan contributions up to $59,000 – almost 10 times the amount of an IRA."

it is exactly what I would like to do while I gain the experience and the right capital to go full time investor.

Not only will you not be able to get any traction working with banks directly, you won't save any money doing so.  

ThanksRizAdvice would be to find someone smarter/more experienced than you and make sure they have something to gain out of the situation.

The property is rock solid, but not a lot of room to gain intrinsic value thru rehab, but an opportunity to increase under market rents.

Hi I'm Shane from Brooklyn, New York I've join to gain knowledge about the real estate market.

One thing not mentioned yet: U factor and solar heat gain coefficient.Make sure you know what local code requires.  

Your gaining a  bit of ground with the discount on the ECB violations but to come to a purchase price offer of $80,000 minus extreme repairs being necessary will get you laughed out of every bank for the most part.

My question is whether or not this is acceptable, seeing as how I would still be gaining equity in the house per month, while taking what I would normally be paying in rent myself and putting it in the bank.Does anyone have any experience with this situation?