I had to do that when i  started in the State a Year ago...Building a team I can trust  in the Cities I work in  had to be no I for me...Love my teams have visited most of them by now and am so happy with my choices  some are well on the way to becoming life long friends..ps even with spell check hate typing  love chatting and meeting new people

My dream is to create a real estate company serving the housing needs of middle income population, but like everything in life, it is best to start with baby steps.I like the NYC metropolitan area because of its diversity, potential for growth and the fact that it behaves somewhat independently of the national economic trends.  

Life and the school of hard knocks has taught me some expensive lessons.  

I have reached out to life insurance companies but they do not touch deals this small (at least the ones I spoke with do not) they like to be at $5-10,000,000 minimum. 

nope, these two actually have the documented ability to make the payments at a reasonable debt-to-income ratio.I'm coming up with ballpark $345k/mo PITI (my homeowner's insurance assumption might not be accurate, I didn't pull the actual property tax bill, and I don't know if there is an HOA so I left it at $0).

From middle-class married couples that just want to ensure financial betterment for their family to world-famous billionaires, people from all walks of life participate in the game of profiting in real estate. 

Purchase Price: $374,900.00 Purchase Closing Costs: $0.00 Estimated Repair Costs: $0.00 Total Cost of Project: $374,900.00 After Repair Value $374,900.00Vacancy $420.00 (10%) Repairs $210.00 (5%) CapEx $210.00 (5%) Water & Sewer $300.00 (7%) Insurance $200.00 (5%) P&I $1,509.41 (36%) Property Taxes $347.25 (8%) Total $3,196.66 (76%)Monthly Income: $4,200.00Monthly Expenses: $3,196.66Monthly Cash Flow: $1,003.34Pro Forma Cap Rate:    8.04% NOI $30,153.00Total Cash Needed $93,725.00Cash on Cash ROI 12.85% Purchase Cap Rate  8.04%

Even if a conventional Fannie/freddie lender will not finance it, there are always portfolio lenders (who make their own decisions on a case-by-case basis), commercial loans (yes, they can be made on less than five units) and last but CERTAINLY not least, private individuals (a massively underutilized financing source, IMHO)I think your bigger issue might be insurance, rather than financing.  

I'm eager to learn as much as I can to create the empire I know I am meant to build for myself.While I don't have a real estate background or have all the knowledge, I do know what kind of life I want for myself, along with some great work ethic.  

Feels like a good deal (nice lower income neighborhood, bike paths, parks, 10 minutes from personal residence ) but the AC and roof may not have too much life left.Based on my analysis, I think the FMV for a 2/1 like this is closer to 35k.Inspection in a couple days - planning on asking for $3-5k back at closing to a) mitigate risk of roof/hvac replacement and b) bring purchase price closer to FMV.Is a deal like this worth walking away from if I don't get a concession post-inspection?