And in the end didn't make me money and the loans I had on them actually prevented me from getting additional loans on other better deals.Anyway, here are the specifics:1) purchased 7/1997 @ $80k, $500 down payment, cashflow appx $150/mth as long as there were no major repairs or maintenance items, great % returns but very little $ returns.Sold 5/2016 @$67k, after about $7k rehabwas about $250/mth cash flow at time of saleOh, and it took many months to sell, therefore costing me additional holding costs with no cash flow2)  purchased 9/1998 @ $71k, Similar and same area as #1 - $500 down payment, cashflow appx $150/mth Sold 4/2016 @$72k,after about $9k rehabwas about $250/mth cash flow at time of saleand also took many months to sellFor fun, I just looked up their zillow as of today and 1 recently resold for $85kNow, today, there are a lot more resources to easily research market areas, etc, so I now do more research to find markets with more demand and growth potential. 

Get some solid numbers on what a payment would be. 

However, If you use a bank, plan on a down payment of 20%, that's $80,000 down plus about $5,000 in loan fees and $3500 in closing costs.

Each of you are putting in half of the down payment, but I'd consider agreeing to a 60/40 split of the net income in favor of them. 

Once the lease is signed and they collect payment, they walk away.

They didn’t go as strict as they threatened, at least not yet…https://www.atlantaga.gov/government/departments/city-planni...2 properties maximum and the first one must be  your primary home… so be prepared to move there and pay state income taxes  https://www.atlantaga.gov/home/showpublisheddocument/54610/6...you and your landlord will have to get this form notarized.Please just make sure you have a plan to keep making rent payments after your short term rental plans are banned.  

Talk to your parents, or another trusted relative, about co-signing a mortgage with you.

I received a 15k down payment and am receiving monthly payments of $1578 for so many years.

If you connect with a elderly homeowner who wants to learn more, if possible, make sure they have a younger/responsible adult that they know and trust to avoid bad optics.   

You aren't wasting my time trust me.