As far as purchase price - I find older homes you can get a much better price on and rehab and still be slightly under market value - and the rent will support the mortgage and expenses.

@Kayla Elliott  Hi Kayla - this was a commercial mortgage loan with a local bank, that held it "in house" after it was issued. 

You don't need a mortgage broker, just a reputable, competent direct lender that will ask the important questions upfront to properly screen your deal.

The outcome was a beautifully furnished home in a prime location with a low mortgage that generates consistent cash flow.

Head over to bank rate or and take a look at the mortgage calculators, plug in the numbers and get an idea of what the property needs to generate to satisfy the intended debt.You still have to underwrite the deal for the non-finance expenses as well(typically 40-50% of the gross rents). 

I'd make sure you have enough money from a job to pay the mortgage if you don't have renters for some time. 

that we’ve learned in our 24 years, managing almost 700 doors across the Metro Detroit area, including almost 100 S8 leases:Class A Properties:Cashflow vs Appreciation: Typically, 3-5 years for positive cashflow, but you get highest relative rent & value appreciation.Vacancy Est: Historically 10%, 5% the more recent norm.Tenant Pool: Majority will have FICO scores of 680+ (roughly 5% probability of default), zero evictions in last 7 years.Class B Properties:Cashflow vs Appreciation: Typically, decent amount of relative rent & value appreciation.Vacancy Est: Historically 10%, 5% should be applied only if proper research done to support.Tenant Pool: Majority will have FICO scores of 620-680 (around 10% probability of default), some blemishes, but should have no evictions in last 5 yearsClass C Properties:Cashflow vs Appreciation: Typically, high cashflow and at the lower end of relative rent & value appreciation.

Quote from @Shawn Questa: Hi all,I am curious what some of the Pros would do to Help a Seller in this situation while making a Deal happen.I found a 200+ day old MLS Listing where the Agent said the Seller is in Financial Ruin, hasn't Paid the Mortgage in a year, owes about 180k on an approx. 210k House and multiple Buyers have backed out.I don't know how someone could not Pay their Note in a year and not at least be in Pre-foreclosure. 

Take ownership of your mistake and learn to do the proper due diligence recommended above😊

As for numbers, I currently owe $86,151 on the mortgage, and on Zillow it is listed at $143,600 but the numbers seem to be inflated on that site.