Keep in mind that most banks will require you to have 2 years of rental income before they'll allow you to count that income when calculating your debt-income ratio.

If you are buying it as an owner occupied you can do an FHA 203(k) which will allow you to buy it and then have the bank loan against the future state of the house.  

This will allow you to hold on to your savings for making your first non-owner occupied purchase. 

Properties are generally much cheaper relative to the rent they pull in, than in NY.3) Lower fixed costs - lower real estate taxes for starters relative to your rent roll, etc.4) Lower variable costs - labor is A LOT cheaper here.  5) Less stringent code enforcement.6) Less maintenance - milder weather, and younger average age of homes make for less maintenance.   7) Diversification - low entry price to buy property allows and investor to manage risk by buying properties in different neighborhoods instead of putting more eggs in one basket.In additional to the benefits I listed above the city is growing so fast that homes rent very quickly, often times before the sale of the home.  

If they lease it to you, you need to have a clause in the lease that allows you to SUB lease it out.

Maybe my version is outdated or maybe that just doesn't work here.While working on my business plan, I'm trying to create something basic that will allow me to have a template to follow.

Dumont, for example, raised their property taxes 2.35% this year, but their Rent Control Ordinance is pegged to the CPI and for the last few years has only allowed Residential Landlords to raise rents by .008%. 

I then told him that I have been looking for an investment property to buy, I can close fast (as fast as my hard money lender can move I guess) and I asked if we can meet at the house in the morning to see if we can come up with a win-win situation that would allow me to purchase the home and RENT IT BACK TO HIM.  

Let's suppose you fix up a kitchen (or some other thing).Let's suppose that will allow you to command $175/month more in rent, and let's suppose you have a vacant month each year, normally.Let's further suppose that it will cost $10,000.

In places where i have bought, for example, if I buy a single family and the zone allows 2 families, I can just do by right and convert it.There is just a basic application needed with the zoning office..