I have been licence in 4 different states over a 10 year period, and it wasn't until I got licensed in Kansas a few ago did I start making some good income.

i bought one house (forgot how long ago) that had an old, old carpet.. the walk areas of the carpet were so thin, that you could feel the hardwood underneath. when we went to take out the carpet and pad, the pad had deteriorated so much, that 90% of was turned into dust, the rest of it (10%) was glued to the hardwood underneath. it took us about a day with vinegar, water, and numerous different scrapers to try to peel the pieces and residue off. hosing down the floor would be a nice option. like a prison cell.

The rest is history.

However, I want to make sure you have used the 50% formula correctly.50% formula says that over a period of time, expenses should equal 50% of market rents. $650/2 = $325.

Live in one unit, get your buddies or other classmates to rent the rest of the building out and make them pay your mortgage, and maybe even cashflow it for you.

You can keep a loan locked forever technically, but someone, either the lender or the borrower has to pay for the investor to maintain the same market rate from the lock period.

Evan, I think you'd find it difficult to cash flow this property.If you use the 50% rule that states expenses (everything except principal and interest) over a period of time will equal half of the market rent per month, you're looking at $1935/2 = $968 as your cash flow after expenses.You could save some money (~8-10%) by managing this yourself, but my hunch is that with that old of a property the upkeep and capital improvements will be higher on this deal than a newer property.

Yes, but not with a conventional loan (i.e. 30-year fixed rate Fannie Mae) that is resold in the secondary market, as these can only be made to individuals.You will have to work with a local bank or credit union, paying a somewhat higher rate and likely having a 5 year balloon note (perhaps amortizing over a 20-25 year period).

I am a newbie to the sight as well......and I guess just a newbie period.

That said, we've still got the rest of the rehab to do and a tenant to find, but so far so good.