After paying in additional 10% in Principle.Mortgage will go down to 1290/month.I realize there is a negative cash flow to start, but im thinking the 15k in equity off the bat and highly recommended tenants making rent payments in the 1st month is worth it (no waiting a month or more to find a good tenant.)Main goal is buy and hold.

Found something, a foreclosure, and the bank providing the mortgage wanted to know where the down payment came from.

More info $575 will be my mortgage payment, Rent $900-950.

A cash investor brings the down payment and closing costs.  

Can you use seller finance as the seller is putting down payment and your 50k loan from the bank?

Stop contributing more than what your company will match in the 401K, get rid of those car payments, student loans, toys bought on time etc... 

These companies are willing to get rid of the monthly payments for you - by being paid off up front. 

FHA is attractive to her due to the down payment size.So here is the situation;Kat has known Marg a while, and is getting a good deal on the house. and by FHA request, she has been living in the house for 6 months before they will consider the loan.

I actually bought a 4 unit a mile away for $45,000 last year but that needed about 30K worth of work so I feel this is about right as this one is turn key with no repairs needed.The seller financing deal - Sales price $63,500Cash at close from me $50004 year note @ 4% for remainder ($58,500), monthly payment of $1000 with balloon at the end, no prepayment penalties.Monthly projectionsIncome =     $2200Expense=    $220 management                     $220 CAPEX = No problems yet but "Unknown age" on the roof and owner has had property for 20 years                     $480 Insurance/taxes = Total taxes for 2017 were $4982 on assessed value of $78000 plus $600 a year for insurance

(i.e. pre-payment penalty percentage, length of term remaining, interest rate, etc.)2.