Based on what my real estate agent thinks that this quote will be, roughly, and the after repair value, it looks like I could buy this property in cash, spend a month or two fixing the damage, and then put a mortgage for roughly 1.6x what I paid for it and thus have a cash flowing property at a few hundred dollars per month and a little more money in my bank account ready for a down payment on the next deal.

Helps reinforce good work habits in my business. 

My two cents but the ship has sailed for short term rentals in this market.

Mortgage Balance: $60,000 Monthly Mortgage Payment: $1200 Current Rent: $1950/month (below market rate, with potential for increases upon renewal) Appraised Value: $325,000 (purchased for $188,000 20 yrs ago) Managed by a property manager Loan not assumableHere are my options:Option 1: Keep the property and buy out his 50% of equity, which is about $235,000 for property A, $132,500 for property B.- Mortgage: It is an assumable mortgage.

My aging parents own a single family 3br 2ba rental property in Garden Grove, CA.

My email and phone number are in my profile.

My short term goal(s) in the next few years are to have 4-5 properties (long term), as well as a multi family home.

I am going through that right now with my mom and step dad.

See my DSCR comment a above. 

I'm looking at doing my 1st mid term rental, do you have any advice for getting it leased?