Just a heads up.I will be the speaker at the October NEREIA event on buying your first multi to live in. 

I am just trying to get my head around all the different players.

I'm using listsource to get started on a direct mail campaign, and this questions has been in my head for a while.

Of the two I can think of off the top of my head, one had a significant black mold issue, the other was a structural issue (I think the former owners pulled out at least one load-bearing wall).  

(head shaking) All franchises have a life cycle and although he "wants" a Tim Horton, it may not be the investment at this time.

I’m still shaking my head.)- 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.

http://www.austinrenc.com/about-renc/ which itself has several special interest groups, including noteworthy Real Estate Launchpad There is also http://reicaustin.orgAlso check these out:Bigger Pockets meetings that occur every second Wednesday of the month at 10 am at Mercury Mambo, run by James Sinclair and Mike Walker Bigger Pockets MeetingsHarold McGhee and Esmeralda Lira head an Investor Mastermind meetings every Thursday at 11:30 am at Big Daddy's on Research and Burnet Real Estate Investor MastermindsYou will no doubt find numerous other groups once you start networking.Again, welcome to Austin.

Find a Mentor tony....this is over your head and it sounds like you missed a few steps.For starters....Inspect each propertyProve the cash flow.Get values on each property with any repairs needed.THEN pony up 170k non-refundable if the deal looks solid.    

The saying "fake it till you make it" has played in my head whenever starting a new endeavor.

Thanks so much for your input as my head has been swimming with these thoughts for MONTHS.