The life estate will spell out the obligations of the step-father (taxes, utilities, insurance, upkeep - or even a base rent that you could use to cover those costs).

Set a goal, work backwards, and create a realistic strategy based on your personal abilities.An aggressive investment strategy can get you free from your 9-5 in about 3-5 years.

That being said never base your offer on the other guy.

We pulled all the carpet, etc  but the smell was still super strong - it was into the walls, the ventilation system, and attic! 

You say your not "mad" at us but using strong language like "preying" on new investors is inaccurate. 

Im based in the UK - hope that is OK.I am primarily looking for info on deal calculation and also what I need to have inplace / ways / strategies to raise investment capital. 

@Marcus Auerbach, there are plenty of lenders who use a DSCR 1 ratio and base the rents on actual rents or the rents on the appraiser market rent survey.

-Location: Focus on properties in desirable neighborhoods with strong rental demand.

They've been great owners, keeping the upkeep strong, and lately putting about $40K into it to ready it for sale.

With a strong interest in the field, I’m here to dive deep into real estate investment, aiming to grow and learn from this community’s vast experiences.Currently residing in the Bay Area, I’m fascinated by the dynamism of our local market but am equally interested in exploring investment opportunities beyond, including other cities and states.