Probably something simple I am missing or the deal just doesn't make sense.3 condos, the owner has 14 out possible 48 in this complex and if the deal goes through may lead to more deals with her.the condos are 1/1, 2/1 and 2/2, she is asking 76k for the 2 2/1s and 64k for the one bedroom. total 216k, she would hold a second position note for 30k with me putting down the remainder of the 20% down (13,200) and pay closing costs. she would like 6 payments, one each year of 5200 for 6 years which comes out to 31200 total, about 1.5% interest rate if my calculations are correct.For simplicity, I am counting the 3 as a triplex, so rental income is 2325/month, tenants pay for electric and gas, HOA of 185(555) per pays for water, sewer and garbage as well as exterior and common area maintenance, snow removal, grass cutting, etc. taxes are 266 and insurance is 50 month (HO-6) policy which I hadn't heard of before.

If your net monthly positive cashflow is 2.5x your personal housing expense plus all other non-mortgage consumer monthly debt obligations, and you are buying cashflow positive real estate, you can get a normal Fannie loan.

Let me explain.My focus when I started out was "Cheap" Cash Flow Positive properties. 

As long as your properties are cash flow positive, they will improve your DTI ratio (the "I" for "Income" goes up).Debt on a property does not determine who owns the property.Requested example:Purchase price - $100Original loan - $75Down payment - $25Rehab - $20ARV - $160Refinance loan - $120Cash out at refinance - $45 ($120 - $75) (you get your down payment and rehab money back)Repeat

And I'm noticing even in the St Louis area, multi-unit apartments usually price at million on up.SO -- am I looking at a misprint?

You'll notice that you report no location next to your name.

That being said I was wondering if anyone else is in my position?

Once a tenant is late, we commence the process of serving a Notice to Vacate.

As for the opportunity,as long as it's legit, positive,and healthy it's a good dream.God bless!

@Davey DavanoskiYou don't really pay yourself.Flips are different, the profits go towards your income.Rental properties generate passive income, but if you're looking to retire from a day job it's not usually possible for the average person owning 1 or 2 properties.As an example let's say you have a target goal of $300 positive cash flow to consider an investment.