You need to have some reserves for repairs vacancies etc.If you are not able to obtain long term financing from the owner I would be fearful that in 6 months you may be unable to get your new loan. also, consider that if you go to get a new loan you will have closing costs that will require cash unless the owner is willing to pay your closing costs as well.You need to get concrete numbers and start putting them together in plan. sounds like you are in the beginning stages of planning. please make sure you have a solid plan with realistic numbers that work before committing to this property.I hope this helps.

That is some solid advice Jerry.

burning bulbs in the kitchen and not a single person for 40 minutes(at least, may be a lot longer).Joke around the house "Do not even try to talk to him after Noon, he is done for a day(wasted, completely)".Landlord, who live at the same building "share" food of tenants.Tenant, looking in the fridge: where is my so and so?

Especially someone who is a link in a chain, they won't waste thier time.I have posted here about buying a note as a cure to default, with the borrower requesting the note being sold, that also takes cash in hand, that can happen.

It's solid :)

Don't waste thier time with hype.Send pics, and your punch list of what it needs with estimates that you can verify.

You would be wasting his time and with the new information he can just ask around.

If it is SOLIDLY worth $300K, considering the low end comps (not the best ones, an appraiser won't choose those), then you need to buy it for, say $200K.

This realtor has actually taken the time out to call my bandit signs....At this point I'm not going to stress it anymore, I have houses to sell, shouldn't waste my time arguing with realtors...

Also, with a solid degree, you stand a much better chance of working at company where you can learn.