Account ClosedHi Mackalyee, I won't be running this property out of an LLC (will be using umbrella insurance to cover personal liabilities) so i assumed that lenders would be more willing to lend at 20%, but i re-ran the numbers at $25k down which makes the deal appear to be closer to a 10% cash return in Y1.

The best option I could think of for her would be a 203K FHA loan, but I'm worried that the combined costs of the principal, interest, taxes, property insurance, mortgage insurance, plus the repair costs and even potential HOA/Condo fees would be a lot more than she could handle.

If I was only clearing $100 a month, I wouldn't have even been able to cover my insurance deductible.Please learn from my mistakes.Chad

Many of the low and no down payment options I've seen require mortgage insurance, which would probably raise her monthly payments past what she can afford, but if she tries to get a conventional mortgage, she'd have to come up with a down payment which she doesn't have.

I am in the process of buying a home and there will be 3 people on the deed including me that will be occupying the home.Does anyone know which home owner's insurance company will cover us with 3 people on the deed?

Our original plan was to use that paid off property and refinance it to buy 1 or 2 rental properties, fix them up, refinance pay off the original loan and tenants pay mortage, insurance and it will cash flow and do it again and again.  

Title insurers have essentially been forced to remove the survey exception from lender's policies so this generally only affects owners policies... but like I said, once a lender is aware of a title issue they want it resolved or insured over before closing.I would never purchase a property without either (1) a new survey or (2) a fairly recent prior survey + a survey affidavit.

I have buyers who don't know what or where they are looking so I don't narrow my auto-search down for them other than the basics (2-4 units for example).

It sounds like you're getting financing, understand that the lender won't like the auto yard, Phase I may turn up some nasty costs.That said, yes if you can organize these disparate uses into one or two higher uses, you can definitely make money.

Well because I could not commit to acquiring my first property with the remaining time in the year, I’ve committed to analyzing 2 deals a day to post on the forums here.It will allow me to gain knowledge and advice from experienced investors and also give other investors like myself (or soon to be investors I guess) an opportunity to contribute as well.Even if they haven’t done any deals, they may know how to avoid common mistakes while analyzing that they’ve learned since they’ve started on their path to REI.I know it may not be much, but I’m really hoping that others in my position feel inspired to contribute more than the normal “Hi I’m a new investor looking to learn from everyone here on the site” and those more experienced are still willing to share their experiences.Thanks everyone.With that being said:Property #12-unit Property in Queens, NYEach unit is a 2br/1baAnticipated gross rents: $3.8k/moOperating expenses (per month):- Vacancy: $190- Repairs/Maintenance: $35- Taxes: $300- Insurance: $133.33- Property Management: $190 (did this at 5% of gross rents because I can manage the property myself but I’d like to set aside a portion in case it makes sense to transition to management).