Monthly outgo: $840 PITI + $110 Property Management + $50 water billMonthly income: $1000Mortgage remaining: $99,900Tax assessed value: $115,000I am feeling terrible about having to rent it out due to the break-even cash flow + the uncertainty of big expenditures.

Hey Jeff, there's no hot water?

Personally, I'd factor in the cost to put each unit on it's own electric and water meter in my offer to purchase.

Hedge funds or not, there are plenty of other fish in the sea if you know where to drop your line and what they're biting on.

My biggest fear is I'm going to be in hot water if someone doesn't get along with me and I have to kick them out and they refuse to leave.

When that happens they can drop you like a ton of bricks.

If the tables were turned, I would advise accepting a large gift from a parent unless it was a tiny fraction of their net worth.The realistic answer is to drop all the emotional baggage around this property, do a short sale and you, your dad and your grandmother move on.

Or doesn't it work to just drop the the price by $45K if the underwriter balks about the sale price?

If they drop in value and you need the cash you may be forced to sell at a price you don't like.

Thanks for reading, and drop us a line.