-Specs: 3 bed, 1bath in Bristol CT1,095 sq ftIt has another lot attached to it, I believe behind the property, I'm going to see it this Saturday-Taxes: ~2500/yr (this doesn't include the other lot, I need to ask what he pays for them both)-Initial home offer: 150,000 (defenitely could talk him down)Needs a 15k down payment (nothing lower)-Estimated rent:1200 if rented as one unit I'm considering piecing out the rooms, might be able to get 14-1500 that wayAs it stands at that price and a normal 30 yr fixed rate at 4% and money set aside for capex, maintenance etc, the deal is losing about 50 bucks a month, however this is a seller finance and a lot of numbers can be worked on.I'm thinking of offering 125,000 (before 15k down) with a a 40 yr fixed rate at, maybe at a little under 4%, these numbers look better, leaves a little over 150 dollars in my pocket and a little over 10% Cash on cash return.Do you think this is a reasonable offer to make in such a situation?

Is it normal practice to get rehab estimates prior to purchasing a fixer upper?

Also I’m finding in my market the home will likely not cash flow as a normal rental, so I plan to sell it before I purchase a second property.

This is always a good time to throw up vacant rentals at a higher than normal price.

To me, it is speculation or gambling.

A loan that isn't secured by assets is just a normal loan that is secured by your credit, income and DTI.

@Mary AnnI have seen programs before for commercial/mixed-use properties that are no income (no doc) loans but they require 30%-35% in equity/down payment and the rate is normally 4% higher than a traditional 30 year residential loan.

Once tenant saw landlord was serious the tenant caved on rent reduction request and has been paying their normal rent for years now without a peep from them. 

A pre-approval from a hard money lender will normally have its own appraisal contingency, so a sharp seller's agent will treat it like any other loan and not like a true cash offer.2.

Originally posted by @Joe Villeneuve:It's Passive |Income because the IRS says so...not because it doesn't involve any work.Exactly.As far as work, I'm normally a 10x Napper, but am also willing to put in hours on a new acquisition or turnover.