I tried to include all the pertinent information below:Rental Income: $13,200Rent: Currently has a tenant on one side at $550 per month without a lease – I’ve made it a condition of the sale that the tenant has either signed a new lease with my property management company or delivers that side vacant; other side is not rented out due to required rent ready repairs; rental comps in the area show between $550-600 (I’m being conservative and assuming $550).Expenses:Vacancy: 10% ($1,320)Property Management: 10% of gross rents ($1,188)Property Taxes: $2,065 ($905 for City of Memphis, $1,160 for Shelby County)Property Insurance: $450 per year Repairs and Maintenance Assumption: 2% of Property Value per year ($980 per year)Utilities: separately metered; all paid by tenant except for lawn mowing at $25 once a month for $300Advertising: 6% (roughly ½ of first month’s rent) $792 per yearDebt Service: Based on $49k purchase + repair price, 20% ($9.8k) down, 5% 30 year fixed is $2,525 per yearLocation:This is probably where most of my concern is coming from: Western edge of Hickory Hill, Memphis, 38115; major cross streets: just SW of Clarke Rd and Winchester RdAcquisition:Purchase Price: $42k, seller to pay closing costsRepairs: $7.5kTotal Acquisition Cost: $49.5kARV: Large range of comps in the area, best guess is $60kFinancial Metrics:Net Operating Income: $6,105Cap Rate: 12.33%Cash Flow: $3,580 per year, $298.33 per month, $149.17 per unit per monthCash-on-Cash Return: 36.5%Do you think it's a good deal?

One page led to another which led to another which led me to the BP website and then I discovered Brandon & Josh's podcasts which then led to the forum and here I am.I have always had a basic goal of owning a beach condo/house and just renting it out when I didn't use it to help pay for it.

I work on deals with (hair) on them sometimes but the sell prices are very large into the multiple of millions or higher where I get paid a lot (at least six figures) for my time.I will give you an example.

We have a large portfolio of single family rentals in the Metro Detroit area, so always looking to network new opportunities.

Also I went to the IRS website to obtain and EIN number and it reported that If I file for and EIN then I can't obtain and LLC for my business.

I have access to a rather large sum of money in my 401(k), I have a conventional mortgage available to me up to $150k (at least that is what my broker told me on a 5 minute phone call), and I have contacted a hard money lender for more info (still waiting to hear back).  

Then look in the county assessors website to find the owners. it should give their name and mailing address.

He's an excellent wholesaler in Knoxville.

Then look in the county assessors website to find the owners. it should give their name and mailing address.

Also have you read through the condo associations rules and checked to make sure there is not a large assessment coming or that the condo association is having financial trouble?