It is challenging having roommates and keeping up with repairs for someone who enters with a low cash position.

But sure, good luck finding consistent paying roommate Tenants.And what about all of its OTHER expenses?

The first time the notice goes out usually scares them enough that they aren't late again- not only do they not want to be evicted, they usually don't want their roomies to know they are paying rent late.This is the tenant's problem, and the tenant's paying roommate's problem, not yours. 

Got roommates.

So my current situation is:$480 a month for rent plus $60 in utilitiesI just analyzed a deal and am curious if this makes sense or if I am missing something:Here is the deal and the numbers:Offer would be $185,000, FHA Loan used with the welcome home IL program giving me a $5,000 to help with closing costs and down payment at 0% (for all intensive purposes lets just say that's tacked into the loan and un accounted for other than the all I will need to bring to closing is the $1,000)my mortgage would be 30 years at 4%My offer would include the below:5% seller contribution to closing costs and down payment (FHA allows for 6% of the purchase price, but if I am wrong please correct me)it is a 3 unit with 2 2beds and 1 3 bedcurrently the taxes are $3,100I guesstimated insurance around $1,550 (no clue seemed decent considering my experience)current rent from the two 2 beds is $1,100 and currently i live with two roommates who would move in with me to the 3 bed, (each of them currently pay $480 for rent and $60 for utilities) if I offered them $250 - $300 a month plus we split utilities for our unit 3 ways they would jump on that offer)if I guess that my total income will be about $1,600 a month and my expenses for PITI would be about $1,250with the above I am making money and saving my $480 but now when I take into account Vacancy / Cap Ex / repairs / prop management (even though I will be managing this) I am guessing I would be negative about $150 - $200 (income = $1,600, expenses around $1,750 - $1,800)Providing I live here for 3 - 5 years is this a deal worth considering?

Recently I have moved into a new apartment with my roommate.

I finally get to post a success story after years of tire-kicking and hemming and hawing.I closed on a duplex yesterday that will allow me to live for free with a roommate once I do a few cosmetic repairs and get the rents up to market rate.For anyone who can't seem to get their first deal done here is what I did:1.

In addition, does anyone know the status of all of the planned redeveloping of that 'downtown' area.I am considering either renting it or possibly owner occupying and getting a roommate, but am hesitant due the distance from work.

get roommates or use airnbnb.

Also, I do have my current roommates on a lease.