I respect Dave Ramsey's "Snow Ball" plan, but I don't want it to take 10 years before I can be independent.BP Community what do you think?

Selling costs are a whole different ball game because you have brokers fees and transfer tax (over $1,000,000 purchase price you'll also have a "mansion tax" payable by the buyer, but not under that threshold).

Omg, is that you v-ball @Chuong Pham?  

If you have done a background & credit check on them, and everything else is golden, and your rule is not strict, and you see from their credit check that they don't owe anyone anything (hint: this is one reason you always look at the credit, not just the credit score), then you probably have some leeway. 

Then, you've got all the BS of trying to reinvent the wheel to get something built out of them, then you've got an odd ball, quirky structure, that might have some odd appeal to a very small crowd.

The analysis assumes paying full price and no repairs needed...big assumption...and price is probably flexible.The property doesn't look to need much exterior work (All sides brick)but the current owner does their own management and I'm sure is low-balling the annual expenses.

I want the ball to start rolling so once I buy the complex, maybe I can invest in a duplex or a triplex, etc.

This could be a guideline for the 85% program that Fannie offers, but that is like having the "golden ticket".

The guys is behind the 8 ball so If I waited it out he may be willing to give me something more favorable.

I really don't think there is a crystal ball out there to predict a downturn.