My mom is selling her home and I am considering becoming the buyer for two reasons: 1) She would sell it to me at a much lower price than another buyer. 2) I can see how I can take it and turn it into a profitable cash flow property.Let me explain: It's an old 1 family home that is very small BUT the lot is big enough to completely demolish the current home and build a house that can easily have 4-5 One Bedroom Apartments which can go for $1,300-1,500/ mo. in the town where the house is located. 

Will be returned to me at beginning of August if not signed for.

If you ever want to chat about REI please join me at coffee see link belowhttps://www.biggerpockets.com/forums/521/topics/592616-coffee-with-investors-every-wednesday-morning

Doesn’t look like you have much meat on the bone in this deal to even be a little risky 

Just text me at my number below and we can schedule time. 

In my mind:Seller wants $250kOffer $225k 20% down7% interest only on the remaining $180k2yr ballonPayment is roughly $1,080 interest$12,960yr x 2 = 25,920 + $225,000 = $250,920Gross rental income is $3,050Minus my management, taxes, insurance, etc... stillWould roughly put me at $1,300-1,400 positiveAm I on the right path or where can I tweak things?

Never bother me at all and communicate with me.

This will put me at approx 26k for normal financing.So I asked him why is the closing cost so high and he responded:Bank fees are approximately three to $4000, transfer tax is 1% of the sales price, and title insurance is typically 1% of the sales price.Does this sound fair?

I am hopeful that this decision is a long time in the future for me.  At

They completed two Evap cooler/ furnace to gas pack conversions (2.5T ea) for me at $7000.