The seller is expecting to co-op the commission they are paying out in most cases anyways.

That can't be the Allure Ultra the OP was talking about.

I would advise you against that as well, but if you have the capital to ride out many months of lousy and/or negative returns, you might have a winner down the road.Here is how I see your situation by the numbers that I sort of made up, sort of matched yours:% Down Payment 25.00%Down Payment $60,500 Remainder of closing costs $12,000.00 (commercial loans require a whole set of inspections that are rather expensive plus all the normal fees/checks/invasions)Total Due at Signing $72,500 Mortgage Rate 5.00% (this might actually be high)Length of Mortgage in years 20Monthly Mortgage payment $1,197.82 Taxes $400.00 (this is one of those numbers I'd like to know exactly)Sewer and Water $- ( i was under the impression that the tenants paid every utility)Trash $75.00 Heat/Utilities $- ( i was under the impression that the tenants paid every utility)HOA $- n/aCap Ex and Ops $300.00 ( you have 2 buildings which means 2 sets of things to go wrong.  

They share a parking area and coin-op laundry, and water is on one meter, so it functions as an 8-plex.Five units and above on any one tax lot will be commercial.

Hi @Alex GershbeynYes - I'm focusing on OP and River Forest but would consider Berwyn, Forest Park or Elmwood Park if it was the right property. 

Our 14 plex cost us $335k and produces over $6000/mo. in rents, plus we resell the utilities to the tenants and make money on that as well as the coin op laundry in the basement.

OP, Jon is right though, banks don't really make any money with the smaller loans.

I think, in the context of this post, is that the title is wrong or the Forum is wrong, since the OP wants to know the Best REO Lisitng Site.

:oP I also learned that sometimes there is nothing you can do to stop water from getting into the house.

The OP is in TX... so very applicable.