As a buyer, I can use a 203K mortgage to buy a one to four-unit dwelling, borrowing up to 110% of the home value with only a 3.5% down payment on the amount that is determined that the purchase and rehab will be combined. 

I believe she wasn't listed on the lease and maybe it was her husband at the time that got evicted. 

The rental has all the appliances already installed (they worked fine upon inspection and move-in). 9 months into the lease the refrigerator went broke, massive problems with the sink and plumbing, then to top it all of the washer decided to cut out (naturally all my clothes were in it when this happened). 

Building is completely tenant occupied with 3-2bedrooms and 1-1bedroom, unit comes with new boiler, water tank and new coin operated washer and dryer.

W my off market deal I learned the seller wanted to sell because it was her dream to live next to the beach so her grandkids could visit..

This was my first deal and I think it was a combination of some luck and interest in dabbling in RE.

Those renos increased the value of the home by $65K, combined with the local market; it is now worth almost $100K more than I paid for it.

Or a combination of them both.   

And now you're in escrow, and suppose this year your YTD that includes the completed months of Jan/Feb/March totaled out to $15k (you made $12k in Jan, but only $3k in Feb/March combined), which is $5k/mo. 

David Dryer with Dryer and Associates and True Title.