Welcome Brad, I'm also a member of many real estate networking groups, who set around talking about ways to Kick Tires.  

I also wanted to tell you guys a little about the deal as my wife in tired of listening to me talk about this rental at this point.2 Bed, 1Value: $70,000Purchase: $52,000 (or 65,000 Financed)Down Payment: $0 (Financed)Closing Costs: $3,969PITI: $348Rent: $850Vacancy: 10% (Property Managers say it is only 6% for the area but we want to be conservative)Maintenance and Capex: 8%CoC: 105%Cap Rate: 10.58%The maintenance and Capex sound low % wise but I worked with the appraiser, contractor, and some other resources to create an exhaustive list of all of the Capex's and it came out to about 4.5%.

Tired of doing research and ready to take action!

I am tired of paying a ridiculous amount of rent every month and ideally would like to use the Multifamily to be able to live for free. 

like a pair of underwear and btw,  I am so tired of people on here immediately hitting the 1099 topic and insurance claims excuse. 

Just some thoughts in my mind, i have done direct mail and have gotten the person saying oh id sell in this situation and such, but they are just tire kickers fielding calls.

Let me tell you a lot of dilapidated 5-25 unit buildings in downtown SLC, buildings look old, just as I am sure their owners are, old and tired.

Sounds like a tire kicker, while good karma goes a long way, this is a business.

And if you are saying a 12 cap do you mean you wrote the note at 12% interest or are you saying your discounted return is 12% interest because you paid say 50k for property and took a note back at 60k at 8% but making return on greater principal.Lots of newbies on this site and a full explanation would be wonderful for them as this is a good exit if you get tired of land lording especially out of state folks.Did you actually do a Mortgage and Note and record same.. so the new owner is paying tax's insurance and all other normal costs.. or did you do a type of unrecorded contract for deed type of transaction? 

There are a lot of people out there that are tired of Wall Street or .5% on a CD.