Ill have to look up the information or contact the real estate agent again and see if I can send you the details.As far as im aware, this bank will provide loans that cover the initial cost of the rental property plus expenses that need to be covered for fixing the place up.

For some reason it reminds me of my roommate in college who would borrow money from me, and then offer to "pay me back" by treating me to an expensive steakhouse dinner, which is something I didn't even want...

.-  Monthly Expenses:  taxes: $125, water/sewer: $150, garbage $50, insurance: $125, repairs 5% (newer finishes, metal roof), vacancy 5-10% conservatively.-  I'd be looking at a conventional loan (possibly owner contract) with 25% down.  

At $600/month and using 50% for expenses, suggests around $30,000, but going in if it takes dollars to renovate, to be rentable, you may need to offer less or look at raising the rent as soon as possible to make it return more for you.

If you can get it below market and lock in some equity right off the bat, and if the rents pay for expenses plus a little extra (at the very least), then go for it!

Not your problem, in a sense. that was his business that started and did the eviction, not yours. as Thomas S.said, that should have all been prorated for the closing. but that said, as a business that is an expense that the business had to pay. your Lawyer ,as Greg said, should be able to straighten that out.

allende,let me ask you this, what are you going to do with a broken down list of expenses?

I follow what you are saying somewhat and most certainly agree that your house is not an asset and is our biggest expense.  

Making sure every expense and future Cap.

They are asking 299,900 Land locked, no room for expansion.Total Income     22,187Insurance              189Liability Ins.           767Interest Expense   174Loan Interest     10534Labor                  6400Repairs                 646Supplies                90Taxes                 2532  (Not sure what value amount this is on)Telephone            841Utilities (G & E)     802******I talked to commercial lender today and he said they require 30% down, financed commercially at possible 5.3 to 5.6% + for 15 or 20 years.