Not enough equity in the home(recent SFH have sold for $90,000 and up). 3.with all the fees and closing costs loan will not make financial sense for the bank or myself.

I want to know the financial ins and out on purchasing my first property as well as how to find the right home that will yield the biggest profit. 

and can you get complete financials for 2 years?  

The buyer’s agent must disclose to potential sellers all adverse material facts actually known by the buyer’s agent including the buyer’s financial ability to perform the terms of the transaction and, if a residential property, whether the buyer intends to occupy the property.A separate written buyer agency agreement is required which sets forth the duties and obligations of the broker and the buyer.Transaction-Broker: A transaction-broker assists the buyer or seller or both throughout a real estate transaction by performing terms of any written or oral agreement, fully informing the parties, presenting all offers and assisting the parties with any contracts, including the closing of the transaction without being an agent or advocate for any of the parties.

The complexity and expense greatly increases the risk of financial hardship.Good Luck,Allen Fletcher

In fact, we have two tenants (two house) in California that came into financial difficulties and both had one of their cars repossessed.

Connect with me here on BP and I will let you know how to get vacant or financial distress leads for your market.

Before you set it up I would advise assessing your own resources (time, capital, skills) that you can provide to the partnership and anticipate what you think an ideal partner would also bring.  

As rent increases with inflation, the rest of your numbers will follow.If buying a condo, thoroughly review the financials and make sure reserve account balances are in line with the most recent reserve study.  

@Mike Young The local Springfield REI group is a great resource!