The only problem I have is that my current home where I live, I still have negative equity of about $25k...I bought it in 2007 and have been paying the mortgage for 11 years and STILL have negative equity!

But that would negate her tax free sale.

Disclaimer: I am going to speak with an accountant and get some tax planning advice in April (soonest I can get an appointment), but in the mean time, I would like to start looking for rental properties now if it would benefit me this year.More Info: Currently, I have a business that brings me about 100k income.

It must be a equal partnership unless you can tap into gullible friends and family.Generally speaking it takes money to make money.

And good to know on the neighborhood for the triplex, I truthfully didn't know much about it but hadn't heard any big negatives like I have about some others. 

Hello, i am trying to buy a house from an elderly person but having alot of trouble the deed is not in hes name but hes fathers name and he has not been alive for 150 years i went to speak with an attorney and he told me it would cost around 2,500 just in fees for paper work  and we would have to visit hes office 3 times to get everything done as i do not have that much time to scedule appointments in advance to see him and i do not even know the elderlys schedule of availability  is this the only way or is there any other options around this? 

MAO is wholesaler and flipper speak to buy at 70% minus repairs.

With your $65,000 NOI and $1.1M purchase price your cap rate is 5.91% as you mentioned.Now, subtract the loan constant of 9.63% from the cap rate of 5.91% and you end up with negative 3.73%.Therefore, given your financing structure, you're actually using negative leverage of 3.73% with that loan.

If you buy a dumpy condo which no one wants to rent you’ll be negative.

Speaking of local Milwaukee experience: every deal that hits MLS get's looked over by literally hundrets of local investors in the first 24 hours.