If it's low equity I generally show them -Selling w an agent, paying 8 to 12 per cent in not just commissions but closing costs, sellers concessions, waiting to sell costs, like PITI and utilities, and spruce up costs like fresh paint or mild landscaping-Renting, paying a property manager, risking damage and eviction costs, lost rent-option one - Owner finance - I take over PITI and maintenance -option two - I find a lease 2 own buyer for free, 24 payments, then house mortgage is paid off, you pay insurance and maintenance Seller picks his solution If he picks option 1 or option 2, I tell him how fast I can do it, and I dictate terms, I am the solution provider

Don't be afraid to bring in a basement foundation repair company and get a quote to get the issues identified and fixed. 20% of 110k =  22k Down110k - 22k =     88k  Financed88k @ 4% for 30 years ===  Monthly Payment of $420  (principle and interest)Other Numbers you'll need:Property Taxes  (get on the county website)Insurance (just call an agent or ask owner)Repairs    ( Really depends on condition of property, 10-15%)Utilities    (get as many months of bills as possible)Property Mgt (even if you plan on doing this yourself)vacancy     (depends on market and property, 10%)LawnCap Ex    (depends on property but sounds high on this building) 15%These are VERY VERY rough numbers but lets look anyway...Gross Rent- 22,500 (assuming all 3 are rented at 625 and no washing machine income)ExpensesP&I-          5,040Taxes-      2,200 ( I figured 2% of home value)Ins-           800    Repairs     2250     Water       1800    (150/mth)          Look into heat billVacancy   1125Prop Mgt  2250Lawn         300Cap Ex      3375Total        19,140  22500-19140=  3,360   Cash Flow YearlyInvestment of 22,000 /  3,360 = 15.2% ReturnPlus tax advantages, paying a little down on mortgage, possibly appreciation, learn a lot.Location, Basement, Local Market, Comparable properties, and firming up numbers ALL need to be looked into.Let me know what you think! 

I'm sure hes going to utilize them soon. 

I figure with that luxury this could be a win win for me.I know I am not fully prepared at this time to make that commitment (Education wise) so if anyone can send me some feedback on the steps I will need to take considering I will be only 18 with no credit, and where I might want to change things or a better way to go about this I would really appreciate it !

At this time, I have not been able to utilize craigslist at this time, but I will definitely start using craigslist to as a tool to help me advertise.

The most important part would be keeping track of my expenses and money coming in (repairs, utilities, rents, ect.) and being able to let my accountant log in and help me keep things organized.  

It is incredibly difficult to get good renters for a house of this size ... because the rent is high(er) and the utility bills are hard to handle.  

Design, and engineeringPermits, fees, utility hook ups, etc.Materials and laborFinancing costsTitle and escrow feesMarketing costs (real estate commissions, etc.) 

A rental house that was larger than hers with utilities for less money than she was paying.

An appraiser would not only utilize the sales comparison approach, they would also look at the income capitalization approach.