Added to all this, I had just opened a cleaning business the year before, it was pretty tough. we focused mainly on just getting better at the basics, screening, quickly removing bad tenants, and maintenance. fortunately we hadn't been over leveraged at the time, and we made it through relatively unscathed, both with the rental properties and the cleaning business. 

Fortunately, I was only competing against a few other offers and our upfront cash and willingness to put down closing costs helped us win the deal.

Which fortunately we are able to do but wasn’t the initial plan.Either way we are settling next week on what I think is a pretty good deal and hopefully my experience with this helps someone else thinking about it!

I was fortunate to be doing this early on for the site so the issue now is....what is there to write about?

A little skewed coming out of 2008 but showing no signs of going backwards.Purchase: $80k-$130kRent: $1200-$1500ROI: 10-14%Cash flow: $250-$350/doorAppreciation: Double digit (for past 10 years, will gladly send data)Location: C, B- (suburbs and certain markets)We have over a dozen Fortune 500 companies just in Metro Detroit with huge Healthcare, Auto, mortgage, Amazon fulfillment, and more jobs.The bad reputation comes from OOS investors wanting $20k D market properties.

I am fortunate enough to have a few family members who'd be willing to contribute to the deal, but I don't know how to structure it.   

Hey everyone, I live in a 60 year old building on the Bay in Miami. Because nobody in Miami pays their condo fees, the building is falling apart and needs to be torn down. It is worth something though as it has all su...

Fortunately, I have enough rentals that I can wait for the market to catch up and play the appreciation angle.

Fortunately I had learned just enough before I purchased this house that It will rent with a cash flow of over 300/mo even though that was not the intention when I purchased it.Over the next few years, I plan to purchase at a minimum of 1 property a year as I build my portfolio and plan to transition into large multifamilies after I gain more experience.

@Will SmithMetro Detroit (my rental portfolio is here)Purchase: $80k-$130kRent: $1200-$1500ROI: 10-14%Cash flow: $250-$350/doorAppreciation: Double digit (for past 10 years, will gladly send data)Location: C, B- (suburbs and certain markets)We have over a dozen Fortune 500 companies just in Metro Detroit with huge Healthcare, Auto, mortgage, Amazon fulfillment, and more jobs.The bad reputation comes from OOS investors wanting $20k D market properties.