Both of your backgrounds put you two in a great position to get into REI.

In other words 50% of your income is left over to cover both financing and your positive cash flow.

But if the previous owner failed what positive things should I be considering?

The reason they have this list is that from time to time loans fall through for a buyer and when this happens the seller is usually put in a bad position and needs to sell quick.

If ones in first position and another is in second, the second mortgage position is much weaker.

Having an extra bathroom in the basement is a positive, especially if the tenants can hang out down there in the summer.For rents, definitely check out Craigslist, not just what other landlords are offering, but also what people are searching for under the "housing wanted" section.As far as an exit strategy for single-family homes, you have several possibilities:1) Rent to own from a tenant2) Sell on land contract to a tenant or investor3) Sell to an investor4) Sell retail

Meaning you want to place yourself in a position so you can't lose.

The only person who cares about your position is you!

When my first purchase is successful (have to stay positive right) my next goal will be to figure out the best way to manage my money to eventually have 5 rental properties.I just wanted to say hi and introduce myself, I look forward to learning more about real estate and more about everyone here in the coming months.

Overall I had a very positive experience working with them.