Filipe Pereira one other quick thing to note .... being honest with the seller(and yourself) that the deal does not meet your criteria financially does not necessarily mean that's the end of it.

-Turns out she had a REALLY bad QVC problem and was basically up to her eyeballs in debt leveraged from the property to pay for said habit. 

If (when) things change, if the value of your property drops because cap rates have increased, as long as it continues to cash flow and your debt isn't coming due then who cares?  

I live in Southern California Los Angeles area, have a W-2 job in Irvine and no expenses or debts, with an excellent credit score. 

That's $628,560 more per year going right to the bottom line for every 1,000 units we own and operate.I'm not a landlord, I just own companies that own assets, one of my companies rent them out, and others process debt collection, etc....We have taken things a step further and redefined operating models, work hard to redefine the industry as we see it, yes within the laws. 

I plan to partner with a family relative who has a strong credit and good income/debt ratio, I am trying to figure out a good compensation - agreement to make this worth a while for him.

Financial info about me:I have my own home directly next to a hospital where I work in Baltimore, MD (I work as a Nurse).  

Other than that I'd be looking at debt terms with local banks.

I am also an Engineer but looking to make some investments so I can work towards financial freedom.  

I have zero investments at this point but my plan is once I've built up some money and in a financial position to purchase my first home (2-3 years) to purchase a multi family home, a duplex up to a quad plex depending on what kind of deals I find at the time and the market.