Is it when you are producing enough and do not care about that liability?

This offer is contingent upon Buyer obtaining all requisite approvals from any governing body having jurisdiction for construction or development of the property as *** ____________________. *** Buyer is to have until _____________ to obtain approval in final, nonappealable form, upon conditions acceptable to Buyer and Seller or this contingency shall be deemed waived unless BUYER shall notify SELLER in writing no later than _________ 20____ of Buyer’s inability to obtain said approval.

Good quality insurance would be valuable.If the plan itself has significant other holdings of cash or other non-liability producing assets, then isolating a property with a LLC held by the plan could be beneficial. 

I'd rather lease up the empty unit myself then have the seller get any warm body in there.Why is the seller offering financing at pretty much bank rates?

Even if I have good credit, appraisal comes back great, and the property is rented out, and the income it produces can still cashflow AFTER the loan, will some banks decline loaning on this property if:1.

but those with the dough and the experience this is how it works and this is why a successful HML can make some really good money far more money than simply owning rentals.. that produce 100 a month or so. 

The layout is terrific and it has been a great income producer over the years.

This time next year we would have a minimum of $74,000 to work with to buy our first income producing property.All that being said, we have lived in our current home for only 2 years and I was told that you need to live in it for 3 to avoid capital gains unless you are doing a 1031.

I would say that from my perspective as not only an investor that owns properties but an owner of a property management company. the one thing that you need to realize is landlords are the highest sued in real estate as  a matter of fact 1 out of 3 landlords are in some form of lawsuit or litigation every year for violating laws such as (IRS, Discrimination, Fair Housing, Fair credit reporting act, property code ) all governing bodies that protect and regulate rights for both tenants and owners.As owner of a rental property you are running a business, and need to have policies, procedures and structure.

A property in Cleveland that one can buy for $500 doesn't come with a cost of anywhere near $500 to get it to a point where it is habitable and able to produce rental income.