You buy a distressed or undervalued property, add value, then refinance it to capture the money you put in (and maybe some profit) then place a tenant to pay the mortgage and cash flow the property.

You need a good mortgage broker that specializes in condos to walk you through this purchase before you proceed.Stephanie

If you took out a 20 yr mortgage on 145,000 and paid 900 a month, that would work out to be 4.3% I think most people would agree is a great rate to get money at.

I have been on the phone with some mortgage brokers today and much of the feedback has been that I will need to find KP's if I want a non-recourse loan.The loan on my other property is recourse through a local bank.The broker stated that both for net worth requirements and also for experience.My question is for those who have done the same thing or maybe even for some who have been KPs on deals themselves.What is the best way to target someone to join on as a KP on my deal?

I talked to my mortgage broker and he says I may be able to use the building's equity (he estimated $70K in equity, that the building should be worth $120K based on the monthly gross income). 

Also learning some valuable lessons about what a conventional mortgage will and will not fund!! 

My expenses are $1100 mortgage, $250 utilities, $100 consumables, $150 miscellaneous expenses. 

Hi BP—Since this is my first time doing a partnership, I need some advice on how to fairly structure the split....I'm coming in with 100% of the required funds for down payment, rehab, and mortgage from my SD IRA and my partner is bringing the deal, his network of contractors and property managers, and his own time and labor to help with rehab basics. 

The only "investing" I've ever done was to rent my condo out which pays for itself and part of my mortgage (so you understand my level). 

I am looking at a duplex with a monthly mortgage higher than the rent being received.