if those numbers are accurate/actual (noi = 60450 and price = 465000) then that could shape up to be a good deal.a lot still needs to be uncovered through due diligence and examined such as:-title report-inspections/inspection reports-previous yrs income/expense statements, rent rolls, utility bills, any service contracts attached to the property, previous years tax bills, etc.

Using your your entire savings to invest in 1 thing is like buying only shorts, it seems like a great idea until November rolls around and you realize you can survive, but it would be a whole lot better if you just had some pants.

Thanks for your time and wisdom-   David: River City sounds amazing:)I've been trapped in this "pulling yourself up by your own bootstraps" kinda thing ever since I can remember.....it'd sure be nice to be able to leverage some equity and get the ball rolling a bit faster:)Making a note to stop into one of their branches right away.....Highview maybe?

They lump it into one payment and when one gets paid off they roll it onto the others.

I don't like "rolling" economies, but rather the lateral (flat) ones.  

Teach through doing is how i roll.

Problem is the rolls of the futures or options will hurt you unless you get timing right. 

@Dave Foster / @Marc Dupuis I work in corporate lending so  I totally get the concept of depreciation for tax purposes, but I didn't know using an FHA loan would preclude us from eventually rolling over those gains into a future investment (that's what you mean by 1031 right?).

Oh yeah, when you get rolling good.....sign up with auction.com and hubzu.

I have mine shot and back rolled.