I would be sure to ask about original purchase price and what was done during rehab (including life expectancy of appliances, flooring, roof etc), as well as for an appraisal and comps to ensure you're not buying at or above market.

Your lawyer handles the financials of the purchase including the security deposits.

Hi Everyone, I am brand new to BP & REI in general.

(Note to self: Never close on the end of the month if you can avoid it) So that lease, and the deposit, wasn't included on the HUD-1 settlement.

is everything included or do you have allowances for certain items , tile, flooring, appliances ?

Acquisition price (Including potential closing costs)+ full rehab price = Total cost basisGross yearly rents- 15% for R&M - Actual yearly taxes- Estimated insurance costs- 5% VacancyGross rents less those expenses, divided by acquisition price = My cash ROICash ROI - mortgage costs = Cashflow

My current mortgage balance is a little over $66,000  and my mortgage payment is $663 a month(includes taxes,insurance).

Here are the numbers I do have per a 2015  P&L (Rounded up)  There is also a 1064 sq ft office included.  

Here is the text that maters in your situation DEFINITIONS OF WORKING RELATIONSHIPSFor purposes of this document, seller also means “landlord” (which includes sublandlord) and buyer also means “tenant” (which includes subtenant).Seller’s Agent: A seller’s agent (or listing agent) works solely on behalf of the seller to promote the interests of the seller with the utmost good faith, loyalty and fidelity.

The lender will also require a "Repair Allowance" that is included with the monthly mortgage payment.