I mentioned that I have some capital that I'd like to put to use and we should talk about partnering. 

Then when it comes to financing this is where you can increase your offer slightly if its owner financing because he can provide cheaper financing than a bank and he will ultimately make more because he is getting interest on a loan.When he asks "why do you get a profi"t you mention that you are taking on the risk of fixing up the property. 

The other thing I wanted to mention is, you might consider getting yourself on the Homeowner's Association Board.

If you are going for a specialized field such as a doctor, lawyer, etc i would say go for it but to simply get a degree to do real estate seems a bit costly and not a wise use of time in the Information Age where most of the education you need for this is readily available for free or the cost of a book.

I personally believe that your background as an architect is a tremendous asset giving you "hands on" experience, not to mention established connections.

This is all theoretical as the lender that mentioned this didn't commit to it on paper and I have yet to attempt it. 

It means that I should not be responsible for the total cost and should only be responsible for the prorated cost depending upon the age of the countertop.

I did incorporate the water and electricity (the seller mentioned that the renters paid for their own), with the PITI eating up that much of the income (as you'd mentioned), the utilities would just push the whole thing over the edge.Thanks again for the quick reply and the second set of eyes.

Now if this was a bad tenant who had a history of antics when you mentioned you wanted to sell, that would be different.

Not to mention you can share responsibilities during due diligence/closing and asset takeover which should make the process much smoother for you.