Been racking my brain on this topic.I try to keep these thoughts in my mind, often conflicting because today, this very moment, things look crazy:"The best time to was 20 years ago, the second best is today."

The first round focuses on the property, the second round focuses on the borrower, and the final round rolls up the property & borrower story. 

Second one, in the same neighborhood, I used hard and private money to purchase and will be doing a refi with a local bank shortly. 

I'm trying to crunch some numbers with local data before my fiancé and I buy our second property.

it's a lot of money and i won't let them get away with it --___--    plus i'm facing serious renovation cost after they moved out, the place was a total wreck :( any good advice or reference would be really appreciated.Side notes: I think the judicial system hate landlords with a passion, I can't understand for the life of me why i need to bring the tenant to court t a second time to ask the judge the same thing we took them to court at the first place, it's ridiculous and frustrating, the system allow people to get away with your money but you can't owe them a penny and this is ******** !!!!!

My father agreed to take his place on the mortgage so I could keep the house.

My father agreed to take his place on the mortgage so I could keep the house.

If anyone knows the Virginia market, this property is located in Petersburg, VA in case that influences your feedback.I have negotiated subject to and owner financing to purchase the deal using the following structure: I will pay $8k in cash I will take over the existing $59k mortgage payments (28 years left) of $506.70/mo PITI paymentsThe owner will wrap the remaining $8k into a second 15 year mortgage of principal only payments of $44.44/moTotal monthly payment $550/moThe Deed of Trust will transfer to me at closingI will sell the property via Owner Financing to a tenant buyer using the following structure: Purchase price $85kPay $10k downI will finance the remaining $75k for 10 years at 10% interestMonthly payments of $1000/moBuyer may cash out anytime after the first 5 yearsTenant buyer covers repair costsDeed of Trust transfers when tenant buyer cashes property outBasically this strategy is a way to get all my money invested out of the property and avoid typical rental property expenses to keep all of the cashflow.

Around 600K4,3, or 2 unit properties onlyInvestment property (live in one unit, rent others out) I'd prefer 3.5% FHA to free up more cash for a second investment property in 6 to 12 months.

Also some lenders allow the seller to hold a second position lien for the last 5%