Jeff Kehl The property was built in 1968, the hot water boiler appears to be original to the building, the piping appears to be in satisfactory condition 3 of the 8 units are semi updated, not a complete updateI believe rents could be raised, but not much, 20-40/doorThe building sits in a highly desirable school district, with a couple small apartments on the same street and some four plexes also, all rent out fairly fast, no vacancies currently.

Essentially, you can live in it rent free as long as you are willing to live in one side.

The issue I see is that you are essentially paying retail for the lot and not leaving yourself with a margin of safety.  

If we complete a Lease Option deal, does seller still pay their original mortgage, while I'm essentially paying that off with my rental income?

Hi I am new to this forum and this is my first post, I just invested in rental in north Dallas in excellent school district, i have put in all my savings to the last cent towards down payment, need some advice on listing this rental, do I go with listing agent or is there a way to list this myself and avoid paying commission, appreciate your views and suggestionsI have decided not to go with property management as I live 4 miles away from this rental and can take care of it myself 

We really want to live in areas with great school districts but understand it comes with higher prices.

It's essentially an un-recorded land contract.  

Since you're leveraging the 401k funds before retirement, I would think there are significant tax penalties.I'm curious to hear about how you repaid your 401k and how much you were taxed on the loan.Regards,Steve Essentially, you borrow the money through your company's plan's administrator from your 401(k).  

@Joe KoppelA portfolio lender is one that doesn't necessarily follow Fannie or Freddie guidelines; essentially they make their own rules.Exhaust the conventional lending side of things before going with a portfolio.  

Wondering whether or not the "holding costs" of PITI can be included in the loan... essentially using the renovation part of the loan to not only pay for the construction aspect but to also pay the holding costs while the renovation is taking place.