The problem is, if he did no repairs for 3 yrs or if he did little or no maintenance this is possible.

I am just starting out (24 yrs old) and have never owned, have no debt but I can only afford so much house on my salary.

Dave I can totally relate..I've been doing wholesaling on and off for about 3 yrs now..mainly off b/c of the J.OB. but i've been there.

Having lived in a socialist country for half my life (20 yrs) and having gone thru the painful immigration process here for another 7 long years (with both my father and grandfather being US citizens, grandfather also being WWI veteran) it never ceases to amaze me how far off base most people are (I'm really trying to avoid the term CLUELESS here) when they talk with immesurable self confidence about how this country is heading for socialism (or reached that point already) on one hand, and how simple, easy, straight forward and ultimately FAIR the whole immigration process is (and also how you can qualify for all type of benefits like Education Aid while fighting the monsterous bureaucratic immigration process).

Though has only leased 1.5 yrs of the 3 yrs owned, it is worth the holding costs.

They'll want to see up to 2 yrs documented income and if lot of is bonus or commission they won't always count all of it.Unless your commission takes you to where you don't need loans or you have time to spare I'd reconsider....Commerical once you get to that point is doffent and has to do with property itself but I think you need to be able to show assets or networth inline with what your asking to borrow.

. $7000 over 5 yrs (160/month).

Formerly $300 every 2 yrs. 

From my limited knowledge the most common tactic is to target the assets with 2-3 yrs left on the lease and use their industry knowledge to take advantage of the cap rate drop on renewal.

No electricity on it for 13 yrs.