I tried searching in the forums for a similar post but came up empty handed so I welcome facts and opinions from everyone.

(Max vacated rents - your monthly mortgage payment) = +/- net cashflow.On the other hand, you could also look into multifamily units where you can live one of the unit and rent out the other vacant units with as little as 5% down payment.

The unit I want to occupy has 3 people living in it, when is it safe to give them a notice to vacate and does anyone have a template for this?  

Obviously, there are people that leave W2s to get into real estate full time.  

So add the drama of dealing with people who are already not paying for their water.

Flipping is a high risk high reward endeavor, especially with people just starting out. 

I'd love for anyone to connect with me as I hope having people to talk to about all this will help make my first time jitters go away easier.

Banks only have 10% of the money they lend thus it makes sense for them - but for people who are not a bank why make 6% taxes as ordinary income and barely keeping up with inflationThat $1000/mo payment will be worthless in 20 years.

There are 2 types of people who dog on Detroit.. 1.

You always have the option of walking away.My recommended course of action is that you extend the contract so that you get YOUR OWN hvac guy can get out to take a look.Your hvac guy won't mind the quick and easy job of diagnosis, give him an hour or two of work, have him write up a lightly padded repair estimate and hand that over to the seller and ask for that amount to be credited.