He finally left it all, totally without regret. 

My long term tenants left (not sure why).  

@Logan Allec Wow Logan that's exciting, I don't really have any input except it seems like all the numbers align.

For total costs I got to 209,000 by adding 4,000 closing costs and 5,000 rehab.With the same numbers, your cashflow comes to $3585 a year.Now, let's look at some of your assumptions and adjust them.I figure 10% for expenses and 10% for Capex until I have 5k for each saved up.I'd really figure 12% vacancy a year, but let's just leave that alone for now.if you're paying utilies, there is no way it comes out to $31, more like 300.You now have a cashflow of -$4,526.Even if you're less conservative and just hold back 5% for capex and repairs, your cashflow is -$770.Now take into account that you have to live in one of the apartments and you are left with less rental income (as well as the fact that you should never believe what a RE agent tells you about rent unless you can see the actual rent roll)You are left with a annual cashflow of -$9,537Sorry to rain on your parade.

There was a post recently on the forums of someone whose tenant left a hole in the side of their rental's cabinet and it was particle board.

Account ClosedThank you for the advice I will check out at least 3 meetings.I think I left out in my initial post that my profession is construction and I already have a large network of subs and can estimate the costs of rehabs.  

We're thinking we should negotiate this with our agent but don't want to feel like we're coming from left field on this.  

Left overs go to the second lien holder ( if anything is left), then third lien holder ect. till the money is gone.

Hello Folks Heres the deal (no pun intended) i'm a realtor and every once a while a client walks into the office and is a tenant and their landlord has abandon the property. in this particular situation the landlord who left the property isn't the owner but his son the actual owner has passed away, so my client who walked in says shes has been having a hard time with the son who hasn't done much to up keep the property and has just been taking the rent till one day he decides to up and leave. so now shes looking for a new place to rent but now the same time this 3 family home sits vacant shes the only tenant till she finds a place.  

Well, you pay off those initial, multiple LOC and still have $100K left over.