I am looking to buy a triplex and forgot that you can no longer do a 3-5% down conventional program because it is multi-family. I know the seller is a little squeamish and just wants to close quickly and FHA tends to ...

@Andrea Barbee, notes on MHs w/o land (a depreciating asset) for such a long period is not particularly appealing.

I've been looking at picking up houses through the auction sites (Hubzu, Auction.com, etc) and I know that as the buyer I will be responsible for closing costs.

That, is if you have to travel to those cities often and can get reimbursed for your travel expenses and make time to visit your investments. 

And ALWAYS follow up.Here are the numbers on the deal:- $108,000 Purchase price- $8400 closing costs- $70,000 Rehab Costs- $2,000 holding costs for two months (estimate is 5 weeks to completion but lets say two months, it wouldn't be so quick but equity partner is full-time GC on-site)- $274,900 ARV (Appraisal completed by bank)- $5,498 Selling Costs- $16,494 RE Commissions.Net Profit = $64,508 about 23.5% profit off of ARV.Now the fun part begins, I'll report back with pictures as we go through this.

My best friend told me about his site (but he's not a member lol).

Hello and welcome to this site Brandon!  

This site is an invaluable source of information.

Does the owner live on-site?

By doing so, you are inviting a visit to court where you must prove that you are not doing a Land Contract (and you will lose).