Could I pull this off?

You might even ask that they do it in a way that you have a few levers to pull to make it nicer and/or cheaper.Looking forward to other responses and you're experience.Rick

Double closings are even more troublesome because the lender will pull title and discover the seller doesn't even own the property.

First step is to determine ARV; pull comps, talk to realtors that know the neighborhood.

Good point Chris.Also just saying the partner gets money for the next property or we get money for the work we do.....better see your attorney.Lack of specifics in spelling everything out causes problems in a partnership.It's human nature to start thinking that one partner is doing more work than another.

I am not new to real estate, but I am new to the area and would love to pick a seasoned agent or investor's brain in exchange for some light office work or something of that nature.

I'm not sure I will ever be able to sell this duplex, or if I do, will probably not realize any appreciation on the property (only pulling my cash out).

You will find that that listing broker/agent tends not to like you or put much effort into helping you if you pull this move.

The section 8 tenant was resigned for another year due to nature of the tenant.Roof and chimney was redone in 2009, new gutters installed.Plumbing was replaced in 2009 (main stack and drain)forced hot air furnaces for 1st and 2nd floors - 2004Electrice baseboard for 3rd floorall hot water heaters replaced within the last 6 yearsEveryone is up to date on rent, and he is willing to provide me with signed statements for verification.

If you are talking about paying $50k, for a property that is worth $100k, that are some creative ways to do that,,,if your talking about $85k on a $100k valuation,,,you won't be pulling any money out anytime soon.Mortgages on investment properties are typically 75% of the appraised value (again, on investment property, not your personal residence).A couple of years ago you could work something like that if you found a super deal,,end up pulling cash out,,unless your market is a LOT less competitive than Dallas,,your not going to be paying 60% of appraised value (unless it needs rehab, but then you have to add that cost in)