If the only way you can afford a property is when you have rental income, you can't afford it.Without looking at a specific property, they can only tell you how much you can afford without the rental income.The biggest factor is your monthly payment vs your gross income.Lenders look at two ratios: living expenses and then total debts.First ratio - Total living expenses (mortgage, property taxes, home insurance) vs monthly gross income.

Courts would rater see private landlords go bankrupt first. 

My biggest advice is to do any major demo and work (taking out a wall, replacing/repainting cabinets, refinishing or replacing floors).

how do I setup and llc to receive private loans to flip properties?

My wife and I are about to close on our first property a 2 family in NYC and I'm already thinking as to how to get the next house. We have a family member that can loan us money at less than 3% the problem is that the...

If you are ready for sub-to, have private lenders ready, friends with self directed IRAs, friends who you can wholesale to and belong to a large REIA then you will be able to do something (and monetize) with just about every deal that you come in contact with.Its like the handyman who owns a hammer.

The biggest concern I would have would be the water damage from the tiles.

When I managed over 144 properties throughout the area, the biggest thorn was the sewer bill.

Originally posted by @Josh Engelhart:It sounds like you know or think there is a high likelihood this will not cash flow.The biggest problem I'm having is accurately running the numbers.

As a private Lender- 75% LTV is our 2-4 Family Max.