Sales start to drop like a rock and the contraction begins.

.)- Down payment: 12k- Rent: $825/month (I allow pets)- PM fee: $123- MX: $82/month (10%)- Vacancies: $82/month (10%...It’s actually been closer to 7% the last 5 years)- Reserves: $41/month (5%...I probably can drop this due to this property being a condo.

Also, this is a buy and hold for me and it has been on the market for a total of 120 days now with an original list price of 170k but has been steadily dropping until I made an offer when it hit 125k.

She's historically been quite communicative regarding rent, so this time feels a bit different since she has not been as responsive.I've written a pay or quit notice and was planning to give a little more grace (until the weekend) before dropping it off in person at the property.

I do not want to drop the ball and mess up my first purchase, so please fell free to send me some suggestions or even rip my plan apart.

I have two concerns, and maybe you can help me resolve them:If I must tell him that I plan to use the property as a rental (Dodd-Frank) what is to keep him from dropping our deal and doing that himself?  

I tried to explain them if they are going to list it, its just gonna sit on the market, so they either have to drop the price or do the repairs them self.

I entered into IT right around 2000 where anyone with an IT degree was making 70K+ during college that entry level wage dropped to 30K.

I know NJ is topping at over 900 days for some that are still in there homes just waiting for the hammer to drop.  

I'm ripe to drop and hit the ground running.