Kinda like buying a 10 y/o used car, keeping it for 3 months, then selling and warrantying to the next buyer that no prior owner has ever wrecked, flooded or otherwise damaged the vehicle.

.$1300 in Rent against the following expenses on your original numbers:Mortgage Rate 5.00%Length of Mortgage in years 30Monthly Mortgage payment $643.78Taxes $150.00Sewer and Water $-Trash $-Heat/Utilities $-HOA $-Cap Ex and Ops $150.00 (this is a bit higher than your number, but not major in terms of the entire deal, and yes, it is a realistic number)Insurance $100.00Mgmt Fee $-Vacancy $104.00Total Expenses $1,147.78

Old HVAC/boiler units, old water tanks, etc. can add up.It's very possible you have a good deal.

Start with them they should get you to the correct area about purchasing the note.Make sure you do your due diligence on the value of the property prior to making an offer as I am sure there could be surprises of damage and maintenance on the house.

I didn't mind the city cleaning the sewer at our property until after they caused damage to our vegetable garden and spread contaminated sewer particles on our deck and vegetable pots.

And then we got slammed at my job and I had to put this on hold.We have now slowed down and I now have told myself that hell or high water, investing is not going on hold again.

I purchase fire damaged homes and have been doing 4 to 5 deals a year for the past 3 years.

The insurance adjuster wrote an estimate and then sent me a check although I told the adjuster I had not agreed with the amount of the damage due to the house water damage.

Well I had a 2000 foot long 24" storm water pipe running thru the back of homes that collected water and discharged it into the retention pond.

Cal@Darrell Shepherd you are right, I need to factor in vacant, repairs, management, but they are SFRs so tenants are paying for water,power,trash,gas, etc.