Hello! My name is Max and I'm pretty new to real estate in general and I'm more of in the process of just educating myself more than anything. There is a particular area where quiet alot of real estate is avalible, th...

Good catch.

I definitely have the bug... but I catch myself being impulsive

Bit of a catch 22 there, you can at least get the estoppel from each tenant and maybe go back to the seller and see if they can confirm the info with bank statements.  

I don’t penalize myself, just catch it up when I can.- bottom line:  I couldn’t ask for a better renter than myself, and must say I also have the best landlord around.The numbers need to work... but this is an awesome opportunity that hopefully you can take advantage of.

Maybe you could break up the units and purchase the 3 unit under and FHA at 3.5% down, catch is you'd have to live in it a year. 

Many equate it to catching a falling knife when times get bad.

I think some of the IRS rules on Capital gains and conversion between rental and personal property that I have been skipping over so far would likely also catch me on that plan though. 

Most agents will encourage the client to reject your offer if they catch on that you intend to wholesale. 

The catch is that to qualify for this, your interest rate must be lower on the house after the IRRRL, which is a pretty sweet deal.