I'd find something that's less risk, less repair, but equal or less cash-flow.

The colder the temp, the less heat pump uses the refrigerant and the more it uses heat of friction from the compressor which equals a shorter lifespan for the compressor. #2 if your DIY cheap mr cool breaks in the dead of winter no one in your area will have parts in stock to fix it.

You are correct Simon that in my area of NY the 10% will require equal or more capital or a lot of leg work.

Split the solar array into 4 equal parts and Put meters on each unit and charge tenets by kWh produced by solar at or under current rates and for excess provided by the electric company at standard rate. 1b.

Run your math.Here are the general considerations regarding 401k loans.401k Participant LoansIf your 401k plan allows for 401k participant loans, the maximum loan amount is equal to 50% of the balance up to $50k.

This will allow you to pay equal to or greater than the asking price on some properties, and make more money (and cost you less), than those that are trying to buy for as little as possible. 

@Silvie Fojon@Mya TooheyHere are the general considerations regarding 401k loans.401k Participant LoansIf your 401k plan allows for 401k participant loans, the maximum loan amount is equal to 50% of the balance up to $50k.

We considered forming an LLC to make the purchase in which all 6 of us are equal members of the LLC.

Hey @Scott Hawks, more experienced investors might correct me on this, but I would imagine that it costs roughly the same to (for example) re-roof a $200k property as it does a $60k property, everything else being equal (i.e. similar roof shapes and sizes). 

One month rent probably equaled the cost to paint!