A landlord has more expenses still, like vacancies, advertising, tenant screening, legal fees, a CPA, etc.

He baught the house from me at 15 months and i made overall a little more then $10k.I am not saying this is right... i am new and maybe there's something i don't know, but as far as i know everything was done legally and safely.

:groovy: My questions are:1) is this a common and/or legal arrangement in the USA?

If you are not familiar with these there can be misunderstandings and legal issues between a buyer and a seller.A buyer working with a buyers agent is more likely prequalified to actually buy that someone who calls you on a FSBO ad.

Some that done have any restrictions to how many are owned/financed.

Where can i find the proper legal documents to do so or does anyone have docs that they use?

How much would most RE lawyers want to charge to review your various contracts for errors etc. and to make sure they were state legal?

People who have a lot of money are targets for lawsuits (legalized extortion).

The legal paperwork the seller/lender put forth upon accepting our offer was about 4 pages, which basically said 'we agree to whatever the seller says, and no matter what our P&S says, the addendum shall control'.

Do be more careful in the multi-family arena because commercial loans don't have the same restrictions as 1-4 unit RESPA loans.IndyMac didn't "borrow" money from FDIC.