I simply let the tenant know about the change of ownership via a letter, telling them what number to call in case of needing maintenance and where to send the rent check.  

Its Probably going to cash trickle more than cash flow but thats all you need for your first Multi:-) Its also a great option since it is so small and you won't be paying nearly as much in maintenance as you would for 2 or 3bed units.

Offer Price: $200KFinancing: FHA loan, 3.5% down payment (already pre approved for this home); 3.875% rate, 30 year fixedRents according to MLS posting: Unit 1 - $1310, Unit 2 - $1100, Unit 3 - $720; Total = $3,130Expenses: I'm forecasting 57% in expenses (more conservative than 50% rule) --> Property taxes - 4.6%Insurance - $1000 policyRepairs/maintenance - 5% of gross monthly rentUtilities - 1% of gross monthly rentCap Ex - 2% of gross monthly rentVacancy - 10% of gross monthly rentProperty management - 12% of gross monthly rentMortgage + PMI = approx $1,043 monthlyCash Flow (monthly): $163Cap Rate: 18.8% (gross annual rents divided by purchase price, correct?)

Of course A/R quality, deferred maintenance, your credit score, appraisal value, down pmt, all matter a lot too.

The owner never kept up with maintenance and the third floor tenant is being evicted anyway for non payment of rent.  

and also go through the time it takes to sell with an agent days in the market (DOM) tell the average amount of time it takes to sell a house with an agentSo it’s costs money and it costs timeColumn 2, renting it out with a property manager, there are risks and rewards A property manager cannot guarantee cash flow so you can make your bank payment A property manager cannot guarantee will be no damage in a property manager does not keep an eye on the property that much, maybe once in a while so if there’s an eviction you have to pay for it and if this damage you pay for it if there’s no rent coming in, you have to pay the mortgageColumn 3, I generally talk about seller financing in generalthere’s lease to own and owner financing Lease to own you turn the property into an investment property you are landlord and you have to pay the mortgage your to pay maintenance and taxes and insurance hopefully the behavior of your tenant buyer versus a regular tenant is better, money on time, no damage the tenant buyer wants to buy the property the tenant buyer most of the time does not cause you trouble as the landlord the buyer wants you the landlord to give them a good recommendation when they try to get the mortgage down the road; they need their landlord to give them verification of rents (VOR) Owner financing with sub2 means you’re selling the property and the owners have a deed it’s a little bit like contract for deed where you pay on a contract, and you can either finish the contract or refinance contract and pay off the existing financing___________________________________________________How to buy subject toit’s important that you read this next sentence,I DONT BUY SUB2 UNLESS ITS A PERFECT HOUSEwhat’s a perfect house?

Anybody have any advice on the easiest way to schedule regular maintenance on your rental units without trying to coordinate schedules of 20 different people?

Did you factor in Cap Ex, Maintenance, Vacancy, utilities?

I.e.pay the mortgage, taxes, insurance, maintenance, utilities, etc., while depositing the income into his own accounts.  

The inspector at the time basically walked thru the house, gave me a "all good" clearance, a list of scheduled maintenance and charged me $500 dollars.