Track your expenses in case you end up suing him for damages, you'll probably be able to recover it with time.Let me know if you have any other questions.

This income will be added to your regualar w2 or business income to determine your total debt to income ratio (DTI) against your debts and monthly mortgage costs.To calculate your net rental income, your total rents collected for the year are added to deductible expenses (taxes,insurance, interest, depreciation).

Its kind of overwhelming at the moment but I am determined!

Either way I imagine I would have to re-paint/refinish but painting would be less expensive.

I have about 20K in cash, and I'm currently saving 2K-2.5K a month after all the monthly expenses.

You can usually ballpark a starting point for your offer by assuming 50% expenses as long as you have a rent roll, and then re-negotiate as you move through your negotiations and discover more about the property's physical condition and financial performance. 

But back then the interest rate environment was 1.5-2% higher than what they are now, so they are comparable to what Finance of America is offering now.So with high value houses, I think the fees are not too bad, but if your house is between 100-200k, it looks expensive. 

For all you Dave Ramsey acolytes out there I invest in real estate now because without additional income my ability to pay off my student loans at my current salary (which is a good salary) plus living expenses etc... would mean not be able to pay back those loans and be debt free for at least ten and maybe 15 or 20 years down the road.

If you look through BP threads of "omg when is the crash going to happen" it's overwhelmingly people who haven't done a single deal yet.So unless you have some systemic economic collapse of multiple systems and industries, market cycles aren't a big deal.

My question is for any strategies that investors in more expensive markets like ours have to obtain financing.