Sometimes you can find junker mobile homes that someone will sell to you for $1, but they will need significant repair and are quite rare to find. 

However, once you factor in utilities, repairs, capex, and management, your cashflow would be little if anything at all.That's a crapton of money to be putting to work in order to get no cash flow.

Hi All, here's a potential deal I would love some opinions on considering a fundamental decision must be made for it to be viable.Triplex currently listed at $127kDown Payment: $31,750Gross Monthly Rent: $1,500 (500 each)Estimated Expenses:Mortgage: $500Property Tax: $80Property Management: (10%) $150Water + Trash: $150Repairs (5%) $75Capital Expense (10%) $150Vacancy (5%) $75Total: $1,180 MonthlyCash on Cash return: $3,840 (About 12% return on investment)Property was built in the 1930's and states "could be rented for higher with work/repairs" Average comp rents seem to be around $600-700If I could rent each unit for $600, updated ROI could be up to around 20%... 

In most cases the bank will want 20% down so your mortgage will be around $280k and over 20 years thats around $1800 a month off the top of my head. plus account for a 6% vacancy rate and $2400 a year in repairs and calculate how much the HOA fees are and insurance and the real estate taxes.

I figure I can use a property management company for any needed repairs or emergencies if something happens while I am gone for work but otherwise my wife is available by phone consistently.

Some costs (repair the dish washer, carpet cleaning at unit turnover, etc.) are pretty fixed regardless of rent level.

It may cash flow for a while, but then a big repair hits and your sunk. 

The document clearly defines that the Second Party is responsible for contributing all monies needed to repair, maintain, advertise, market and any other expenses as well as the mortgage payments; whereas I, as the First Party, would just contribute the $12k.

Then I ask them to contact me to set up a time when I can come meet them and sign a new lease if they are not under a current lease.I also ask if there are any immediate repairs that need to be made so they know I am going to take care of the property.

A property has a lien on it currently , but will be ". gone " from the property in a few months ( the line's 10 year probate period Will be up in a few months )The property needs $20,000 in repairs ( materials only )I currently have a FHA loan on a propertyThe ARV on this investment property will be $130,000My all-in cost for the property will be around $80,000My main questions please are:1. will i be able to get a 2nd FHA loan if I make this my primary residence vs an Investment Property ?