It is a C class building - good and nice location for what it is, but primarily caters to lower income residents.

Looks like it might take a bit over 2 years to breakeven (ballpark, maybe longer) on the loan/closing costs of a refi to benefit from the lower monthly expense.

This is the anxiety inducing part of cold calling.

@David Hurt I am on your team as far as putting the usual expenses on credit card but that is exactly why i fear that my available credit will always be on the lower side unless we *sigh* get more credit.

The smaller price ranges things get more cap rate compressed as buyer pool gets larger and accepted returns lower.  

The overhead in the south I think is generally lower. 

My wife and I are tossing around the idea of building a new duplex so we can substantially lower our housing costs.

Also, if my credit score is lower than the other member/partner that other member must be president.

That situation likely won't work out - I guess I was just curious if anyone had made a deal with a seller for a lower purchase price (subsequent lower DP) with the incentive of a profit/equity share.

On further searches on BP, I see that a lot of folks have had this same exact scam pulled on them - Craigslist ads with lower prices and one to many people that get the place rented to.I am very curious to hear from anyone who has had to deal with landlord tenant law issues that have arisen from this - i.e. disgruntled scammed wannabe tenants who decide to either break in and claim the place, or pursue action through the courts.As someone going through this right now for the first time, any words of wisdom would be appreciated.