I want to live in one unit and rent two other.Asking - 249000All three units are rented.Monthly - 2200 ( for Two units, since I am going to live in the third unit)Taxes: $7,663> Insurance: $3,495> Oil: $2,600> Management fee at 6.5%: $2340> Sewer and Garbage: $1100> Lawn and Snow: $900> Water: $840> Cleaning: $400> Electric: $240> Rent License: $115> Vacancy: 2640> Total: $ 22333.00> Net Income is therefore 26400 - $22333 = $4067Am i missing anything?

This is actually it's biggest downfall - IMO.I know that typically, like other franchise fast-food chains, you need to own, about, three, to see some reason income. 

The reason I'm asking is because we purchased a condo three years ago and now have a $26,000 assessment coming up because it's part of a stata with older buildings.  

Then, eventually, three homes a year.

@Kristoffer Tier I'm planning to do some lease options, working on getting my RE License now so I'll be "legal".  

-You're going to find women over 30 sexy someday-Remember all that work you did over 5.5 years to get three engineering bachelor degrees and a master's degree?

You mean the three Brians, @Brian Gibbons?? 

Im looking at three homes in one area that I found,  one just went on the foreclosure list and the other two are just sitting empty.

Call three agents and get quotes. 

This is especially important if you won't be able to save as much.If you decide this deal is too expensive for you tastes, and don't want to offend your family friend by selling the deal, consider a three way deal between yourself, the current owner, and a partner.If you pass on this deal, you might want to consider looking outside of Midtown to build some equity.