There're usually a few extra dollars floating around somewhere from someone to make the deal work if you need it; just remember it will cut into your profit, so be sure to account for it.

Many folks have a problem adjusting to effectively living on a 7.5% pay cut.

I just figured some guys already have contractors that analyze the property for them and cut out the inspector costs.

The difficulty is it is hard for the inexperienced to cut through the sales pitch and evaluate the degree of actual knowledge and experience.

We are currently touching up the place to sell it and cut our losses.

You should also figure out financing, because (I'm in the process of doing this myself, by the way) a hard money lender will cost you more than conventional financing, cutting into your profits.With the information you've given so far, I think it's a good buy at 25k, but I would probably try to acquire it for 20k, since I'm not sure about your financing and expenses.

Cutting your living expenses this way goes a long way in your ability to save up for more units.

I found that cuts down on tons of questions.

That really cuts into your already thin or negative margins.The condo fees are also generally on the high side and you will have to pay that for all 52 weeks even if you only rent for 12 weeks.

You may have fun getting FHA note holder to release that new lot, but good luck, they may (after an appraisal review) to keep the loan compliant, but, they may not.But certainly, the solution is to do a minor subdivision and cut off that new unit.Don't get hung up with % rules, you need to pencil out deals in your market, the 2% rule won't fly here, the 50% may over a long term but it may not as our market has a lower tax and labor rate.