Time to build the foundation below.Check out the Start Here page http://www.biggerpockets.com/starthere Check out BiggerPockets Ultimate Beginner's Guide - A fantastic free book that walks through many of the key topics of real estate investing.Check out the free BiggerPockets Podcast - A weekly podcast with interviews and a ton of great advice.

A secured HELoC on your primary residence should come with a floating rate of prime +0.5 - 1.5% (rate pending your overall financial fitness).In your list of steps I would insert 0.5: Find a knowledgable and experienced attorney who practices real estate law ... ask around with other local investors and realtors for references and interview them to find a 'fit'.

Time to build the foundation below.Check out the Start Here page http://www.biggerpockets.com/starthere Check out BiggerPockets Ultimate Beginner's Guide - A fantastic free book that walks through many of the key topics of real estate investing.Check out the free BiggerPockets Podcast - A weekly podcast with interviews and a ton of great advice.

Time to build the foundation below.Check out the Start Here page http://www.biggerpockets.com/starthere Check out BiggerPockets Ultimate Beginner's Guide - A fantastic free book that walks through many of the key topics of real estate investing.Check out the free BiggerPockets Podcast - A weekly podcast with interviews and a ton of great advice.

Time to build the foundation below.Check out the Start Here page http://www.biggerpockets.com/starthere Check out the free BiggerPockets Podcast - A weekly podcast with interviews and a ton of great advice.

Calculating the vacancy rate of the property during the last two years was about 50% which was not typical for the area over the same time period the banker just hates being a property manager, the property is currently rented at a 20% vacancy which they are getting $500.00 for the one bedrooms and $850.00 for the two bed rooms One bedroom a month fully rented would be $4000.00Two bedroom a month fully rented would be $6800.00Total rent a month is                                       $10800.00The property also comes with five building lots zoned commercial that can be converted into multifamily units.The cost I used to calculate the cap-rate are as follows:Management                                    12%Maintenance                                      10%Repair                                                  5%Vacancy after talking PMC                 15%Insurance yearly                               $5100.00Taxes                                                $5100.00The bank is asking $690000.00currently we are negotiating with the bank on the price we have a counter at $599000.00I believe they will go a little further so we offer $500000.00There will be some renovation cost of around $30000.00I have checked out the local economy and rental situation we interviewed two different PMC, three years ago they were renting for one bedroom $1000.00 and two bedroom $1500.00Seems to me to be a good deal compared to what i am looking at in my market, I am just worried I am missing something since this is my first multifamily unit any comment or help would be greatly appreciated.I don't post much so sorry if it does't flow that great or I left something out

If you are buying properties cash, have your bank statements with you when you go to interview agents.

Fill in the foundation below.Check out the Start Here page http://www.biggerpockets.com/starthere Check out BiggerPockets Ultimate Beginner's Guide - A fantastic free book that walks through many of the key topics of real estate investing.Check out the free BiggerPockets Podcast - A weekly podcast with interviews and a ton of great advice.

Please feel free to share your thoughts on what impression these questions would leave upon you if you were interviewing me and I asked them.

It is about a young couple who fixed up a house, lived in the upper level and interviewed a man for the downstairs apartment.