The tenant is being evicted and supposed to be out this month (I have three contingencies: Seeing the other unit, tenant is vacated and inspection).I believe once the other side is renovated I can bring in ~$600/side, so ~$1200.I received a cost estimation with my pre approval letter of 85k which has my PITI as ~$650 so I'll use that.

Ive got the owner down to 108k, My gramdfather was supposed to go in with me as buyer because I have very poor credit and little money upfront, and I was going to manage and do most of the work I could then contract the bigger jobs.

The reasoning supposedly is that FHA is meant to help people attain the home ownership dream, not become an investment vehicle, so for them someone going from a 4 plex to a duplex means they are closer to the end goal of single family ownership.

I dont suppose you have a comprehensive bibliography of all the books mentioned? 

The worst the bank can say is no (with a slight drop in my credit score I suppose).V/R,Chauncy

I hate to think the worst of people, but I KNOW he purposely waited until the closing agent came in to tell us the wire cleared before telling me.So, what was supposed to be an exciting time for me instantly became a pressure cooker.  

I suppose to summarize my question or the reason I began this topic is this:Given there are rarely ever any perfect homes esp in rental properties,at what point does repair cost make a property outrun profitability?

@Isaac Hebron if you have friends like that why do you need enemies....lolFriends are suppose to help you not rip you off.I think it’s easier to get prepared for investment rather than lose $5-15K every now and then.HELOC is a great option but you have to plan ahead and get it before you start looking for houses.Credit cards with 0% for 12-18 month with 2-4% upfrontHML charging 9-11% for 6 months plus upfront fees - the worst source of money I never used but still better than your “friends”.When you buying a cheap property ($35K) you have to plan ahead.

I assume the lease says who is supposed to live there, right?

They are one of the more pricey lead generators but supposedly are better with up to date info.