1) Small Animals, skunks have been persistent this year.2) Plumbing blockage due to tenant, I clearly indicate that's not in my scope of work.

Now, OTOH, the "50% rule" has been demonstrated to be a good predictor over the long haul, so it would apply to this property as an indicator of roughly how high expenses (not including principal and interest payments) should total; when the expenses being given are way off, then you really have to question them (as we have been doing in the assorted posts in this thread).You are at better than 1.25%, so it is worth doing some calculations with better numbers.

The two of them looked at the damage, pointed out the repairs that had been taken at the time and indicated the materials (rough sawn lumber, lath and plaster, square nails) used in the repair indicated the fire happened long ago (i.e. before the 1930s) and the building has been standing just fine since.We did replace one header and a couple of studs - this was mostly for my benefit - and closed things back up again.You may not need to replace all the charred structure.

By "hobby", I mean that I haven't made money yet doing it, but no means indicates the way that way that I'm treating this business.

You indicate you have a 5.5% note for 30years.

Ryan Hutchison:As Mike indicated, more is better ;) In hindsight, if I were starting again, I would probably look only at quadraplexes or more.Not only does a vacancy in a multi not translate into a complete loss of revenue, but your maintenance/CAPX per dollar income is lower {i.e. there is only one roof}

Do you know where she is going, that can be an indication of how to structur a deal if she really needs cash.She may not have much of a tax issue but her funds would be invested at a higher rate than she would likely get on something else, so play on the safety of her money and high return with an income. :)

Realize that contracts are usually just the terms and expectations of activities expected to get to a settlement, but to hold feet to the fire the amount of consideration given indicates the value of the deal.

I have met the owner in the past he lived in the home for about a year and then rented it out for about 2 years, about 4-5 months ago the tenants that were staying in the home moved and the owner has came by about 2-3 times max, lately the home has been unattended and sitting(grass growing, gate broken..ect) I am not positive but I believe the owner may be upside down in the mortgage and possibly may have stopped paying the mortgage altogether however the home is in his name and county records indicate his mailing addy is near by.

It's the size of a regular circuit, but has two circuits in it....By code, you can only use those types of breakers in panels that are rated for their use; there is some kind of indication on the panel as I recall that tells you this.