I spoke to my lender and was pre-approved, I now have the ability to purchase an investment property and have the required 20% down.My wife and I have been searching for an investment property for while and have decided to make a move.  

This is one of the only deals I've seen where cashflow isn't negative. 1968 triplex with 3 car garage on the market for 71 days.Purchase price: $289,900Estimated cost of repairs:  $5000ARV: $335,000 (this is best guess with what comps I was able to dig up)Closing costs: $2500Down pmt: 25% ($72,475)Loan amt: $217,425 amortized over 39 years @ 5% interestUtilities are paid by tenants so I would only have to worry about trash ($84/mo), insurance ($167/mo).Maintanance and repairs: $132.10CapEx: $264.20Vacancy: $132.10Property taxes: $279.67Rental income: $2642.00Cash flow: $415.75Cash on cash ROI: $6.24%I have not walked the property so I can't be certain what the HVAC or roof look like.  

The statue says it "terminates the lease" and doesn't give back security deposit either. .... my tenants prepaid 6 months of rent which only applies to the last 6 month this of the lease terms.

If not, get that and dispute anything you don't like such as a credit card with late payments, any collections (paid or otherwise), and anything that is not yours.

This way you don't get caught with vendors doing work and not getting paid, and placing a lien on the property after you own it.Obviously number 1 is the easiest route.

If someone is hiring an appraiser for a pre-appraisal on their own property or for a mortgage adjustment, they already have an agent.Seller leads are out there for you like @Christopher Phillips said - FSBO, expired, landlords who don't want to do it anymore.

@Menalik ArcherYou might want to listen to @Joe Fairless podcast #1054 with @Amy Wan from Bootstrap Legal for some thoughts on how to stay out of troublehttp://joefairless.com/podcast/jf1054-getting-paid...Cheers!

I paid $154,000 for an 1 acre lot, the economy crashed and so did the lot price to $30,000, the price as of today is $90,000, I don't think holding on to it Is a good idea anymore I still have to pay for lot Maintinance, community fess and property tax on it, any opinion will be appreciated.

What should I expect from the bank after the loan is paid off?

Our current residence is paid off and we have no debt.