Please contact me at  thank you, Melodi Zaret

I have tried calling the back on some deals and it seems to be a lengthily process, of course because all the red tape we have to get through for the final action.

Then two weeks later, I was the only bidder on the property, I bid to 50 and stopped, and it went right back onto the auction without them emailing me at all.

When you are breaking even and something breaks you are immediately in the red with repair costs, and there are always repair/maintenance costs with a house.

It also shows a few houses for rent in the neighborhood, meaning that getting a tenant might be hard if it's not marketed correctly (I think the school angle is an ok way to go).RED FLAG: Last sale was in JUNE for 56k.  

This is a triplex I want to move into for about one year to satisfy FHA requirements and then I'd be looking for another triplex or quadplex to repeat the process.Triplex (1 4BR and 2 2BR)Asking price: 180kRents: 900 + 750 + 750 = 2,400 (Actual would be 1,650 because I'd be living in one unit)PITI: 1,300Other expenses breakdown: Utilities (15%): 360Maintenance (10%): 240 Vacancies (5%): 120Self-managed (0%): 0Total: 7201650 - 1300 - 720 = (370)I would begin showing a negative cashflow of ($4,440) for the first year, then after moving out, that number would go to:2,400 - 1300 - 720 = 380 (potentially more than $380 because the property is in good condition and there isn't really much to repair)Meaning that after a down payment of $6,300 plus the $4,440 of negative cashflow I will lose the first year, that leaves me at $10,740 all-in.

If the listing agent is selling a property with tenants and warning that you will need to EVICT the tenants that is such a huge red flag.My first questions would include:Why is the owner selling it (if its not a foreclosure/REO)? 

The red tape and hoops that you have to deal with can be a nightmare and cause months of delay before you even touch a tree much less break ground.Also I agree with Devon, some architects do not live in reality (as a building contractor I live with it all to much) so it is important that you have a product to produce that you can not only sell in your market, but you can tweak and add value engineering to as you learn to construct your product, this can be equated to time or material, and is in my opinion the number one reason you would consider recreating a building multiple times and only change the façade. 

Leave a little meat on the bone, but not too much.  

If the renters tell you long-winded stories/explanations especially when you didn't even really ask, take note as it's probably a red flag that they're full of excuses.If the tenants are currently month-to-month, you could request the landlord have everyone vacated before you close.If you keep the tenants, be sure to be firm but fair.