It must be the community state of Texas and the SSA can consider my wife's salary and that was why I was turned down for any benefits from them because they said my wife makes too much money. 

For us, we want all the expenses paid for plus positive cash flow.

The assignment contract can be a simple one page document.I've heard of wholesalers who don't want to show the actual purchase contract to the end buyer, but don't let them not show it to you because when you sign the assignment contract and agree to take over his position as the buyer and purchase the house, you're essentially agreeing to whatever he agreed to in the purchase contract. 

Instead, look into a 401k loan, Stock Loan or work out a deal with Grandma and get her a HELOC at P+1.00 so she can make the loan as 2nd mtg lender on that property and give her a 10% interest rate return AND have it recorded in 2nd lien position to keep the rest of the family from freaking out, etc., etc.

It helps position your offers.  

I'm in a similar position as you.

I am finding it hard to find cash flow positive properties in these areas, i havent seen any properties fit the 1% rule and in general they all lose money, esp considering pmi and 3.5% down.

Would it be a better idea for me to get into a small $50k house with a $400 mortgage, then take on a duplex like this to get positive cash flow?

Hi Amy,  I'm in the exact same position with 2 different properties and I'm treating them in 2 different ways.I have a townhome in Chandler that I bought in 2009 for 75K, it's worth 160K-170K now. 

In a simplified nutshell; I’d have 3 SFHs with healthy positive net cash flow that can fund all expenses included a significant maintenance issue that might pop up + 1 SFH with zero cash flow, but expenses are funded.Thanks!