If the latter, then no it is unlikely you will be able to live off the rent because the expenses of carrying the house are so high. 

@Matthew L HearnHi Matthew,The tenants are not in the way if they have a signed lease, and you do have to honor the lease once you take over the property.Once the tenant's lease expires, you can always send a letter of non renewal so that they will vacate the unit once the lease expires.Make sure you read the leases carefully and the expiration dateGino

They sent a letter to the owner that the "issue had been resolved" at the same time 10 to 15 people were living in a 3 bedroom.

@Randall AlanWhat kind of insurance do you carry if you have SFR in Florida? 

You mentioned having a “prequal” letter.

It sounds like you will breakeven which is better than carrying a negative cash flowing property for years.

Carry appropriate types of insurance.

A Heloc is a open end mortgage like a credit card so its an additional trade line on credit, cannto never be used as an Asset, PITI reserve, and its a DTI killer in most cases.A heloc is also usually set up on a shorter term versus a mortgage, carries a Higher interest rate, and most carry a interest only with a prepayment penalty.

However, if Honda takes up to 10 days to provide the payoff letter, you have a couple of options: Call Honda directly and escalate: Let them know about the urgency, and request an expedited payoff letter.

Hi,I've been researching seller carry back financing for multifamily, and have talked to a few commercial lenders willing for the seller to carry the down payment for a apartments.