HI Dean,You can always start off by house hacking meaning you live in one UNIT or ROOM and renting out the other vacant units/rooms to offset your monthly mortgage payment.There are several ways to run and make sure you are maximizing your rental income while keeping your living expense as low as possible.

Since then we have moved out of the area and been renting it out for the past few years.We are slightly negative on cashflow, about $100 a month or so when you account for a 3rd party property management service and expected repairs etc.Our challenge here is the home is old.

If both agree, it seems like a win-win as the new tenant gets to move their stuff in over a few weeks and the old tenant doesn't have to pay the full month's rent. 

@John DeanIf it’s going to be owner occupied then you should use a loan servicer as its required by law in most states and for every incorrect statement you send every month you are committing CFPB violations and if the borrower defaults you are technically not allowed to collect interest - in some states if they have a good attorney and default they could wipe you out in legal fees…My bigger question is why would you seller finance?

We told them they can leave aa long as they give us proper notice according to lease..but they are continuing their nonsense. 10 months left on lease 

Flipped in 2 months for a 45k profit Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

@Noah Yashinsky hi Noah yeah just purchased a four Plex in pharr last month.

@Redgy Saint-Germain I'm currently in the process of a 203k loan and my mortgage officer said they would apply the left over balance to my mortgage balance as a principle payment, but the monthly payment would stay the same.

Rents on those units + additional off street parking bring in $7000/month.

Draw schedule to be agreed upon prior to closing.Term: 1 YearFee to Lender: 2.5 points – ($13,125 paid at closing from loan proceeds).Interest Rate: 11.5% Interest-Only billed monthly on outstanding balance.Interest Reserve: $15,000 – approximately 6 months interest, paid at closing from loan proceeds.Once interest reserves are depleted, borrower to make interest-only payments monthly.Pre-Payment Penalty: Should loan be paid off prior to interest reserve funds being depleted, a pre-payment penalty will be charged equal to the amount remaining in interest reserves at time of payoff.Loan 2: Loan amount 490,530.60Lender Points: 3%broker points: 1%rate: 11.99%Term: 12 months (interest only)Prepayment penalty: NoneProcessing fee needs to be wired before LOI can be issued