Lets not get carried away here, if you know of a good 3% property manager I'l be on my way to Cinncy to start buying :) 10% is what you will pay in Milwaukee for a decent one who would be willing to work that area. 

Here are the details:Purchase Price: $210,000Received Commission: $6,300Estimated Rehab: $15,000Estimated Time Frame: 3 monthsSold Price: $275,000Actual Costs: Approximately $22,000 with escrow fees, agent fees, carrying costs and rehabNet Profit: $49,300Before Pictures:What I Learned:- Don't go over budget unless you truly feel the improvement can bring more value- Hire professionals (I tried to do a lot of work myself) I probably saved a meager amount and could have saved more time by hiring someone who knows what they are doing.- I needed to practice taking pictures or hire a professional.

Otherwise, the lender will likely take their P&I and "trust" you to pay your taxes and keep up the home-owner's insurance you agreed to carry when you signed papers at closing.Mind you, I haven't purchased a primary residence since before the crash.

The other option is to get a commercial loan to give the seller some cash and have the seller carry back a second.For the triplex, you typically need a minimum of six months title seasoning before you can refinance based on appraisal rather than purchase price.  

If this is the case, your bordering on a few different neighborhoods which all carry varying unique factors to contend with.

That was all it took to send me away with tail between my legs... only many years later to learn about the several perfect owner carries I could have had for a song... a cabin in the woods for $5k owner carried financing, student rentals that I lived in that the owner would have sold me!!

Finance is not real estate, screwing up in finance carries fines up to $100,000 and/or up to 10 years in federal prison, so you can see, it gets serious.I agree with Albert that your best approach is as a money partner in an LLC which keeps you out of the lending arena, at least as a lender taking a security interest in real estate.

They told me they could do assignments and double closings before i opened escrow so this shouldn't be a problem for them but they have not done anything to carry this deal forward.

Another option would be to seller finance: sell them the property and carry the paper (if owned outright) or wrap around sub to existing financing (but beware of due-on-sale risk).

That leaves $1500 for vacant property insurance (usually $400-700), carrying costs on capital, utilities, and any other misc costs.Additionally, our experience in the Ft Bragg area is that buyers generally require ~$4500 in seller's assistance on closing costs.I've completed a handful of rehabs for sale and rent in Fayetteville and am always looking to learn from others.