You still need reserves and to have cash on hand but already you aren't paying 10% for management, aren't paying a lease up fee, you don't really have to put aside for vacancy (as long as your leases run Sept to Sept, which might take a year to get going depending on when you close), and eviction chances are really low.

I was told their rent included parking and storage in the basement.

Living in a property for a year to get low rates and low downpayment may be worth it.

Here are more $$ details:Buy and Hold:Yonkers 4 unit multi-family house (5 minutes to Metro North station)Monthly expenses: $5kCurrent rent roll: $6k (can be increased with more renovated units, and current landlord keeps rents low to keep tenants)Renovate and Flip:Brooklyn (Bed Stuy/Bushwick) Condo 2 Bed 1 Bath 850 SQFT- 5 minutes to J/M train station$500k Purchase priceMonthly expenses: $3.2kEstimate monthly rent: $2.2k, $2.5k renovatedThank you all for your time and input!

Here are more $$ details:Buy and Hold:Yonkers 4 unit multi-family house (5 minutes to Metro North station)Monthly expenses: $5kCurrent rent roll: $6k (can be increased with more renovated units, and current landlord keeps rents low to keep tenants)Renovate and Flip:Brooklyn (Bed Stuy/Bushwick) Condo 2 Bed 1 Bath 850 SQFT- 5 minutes to J/M train station$500k Purchase priceMonthly expenses: $3.2kEstimate monthly rent: $2.2k, $2.5k renovatedThank you all for your time and input!

Bad credit, no savings, a low-paying W-2 job, etc.

Just let your realtor know your reasoning so he/she does not give push back about writing a low offer.When making an offer, just make sure all of your numbers are lined up for closing costs and any appliances you will have to purchase.

Also your vacancy rate is low, you probably want that at around 8% since 1/12 = 8.33% (so you'd have one months rent set aside ever year).

This is outside my scope, so take my opinion with a grain of salt, but if this person will be brining you new properties, I would give them a percentage of net profit on that property, to incentive them to keep costs low and revenue high.

but your right if your one off not going to get those for free.I was talking to my customer service rep at WFG the other day and he was bidding out providing title to one of the major Auction sites and they wanted pre lims for a very low number.. dont recall but it was something like 25 bucks per.. and WFG was going to pass.