I am afraid the 40k profit gets eaten away quickly w realtor fees and taxes.

I am not seeing how many units are in this asset which would help.I would not personally want to be buying an asset that doesn't at a minimum kick off $100/door/month in net income.With only 2-400 in net income per month you are 1 bad tenant, 1 leaky faucet, etc. away from a loss.If you could see a very quick turn around on rent---IE: all tenants are month to month, and we can raise rents $50/unit in 30 days that might keep my interest long enough to dive deeper.Cash Flow is more important than the Cap Rate on this deal.

RE HELOCs, there's a ton of info on the internet about how people use these to pay down debt quickly. 

I quickly reviewed the other post and responded to a great piece of advise I had yet considered.

Or should I buy then maybe do some quick rehab and flip it? 

If you're just starting out, invest in Quick Books, and get your accountant or another investor to provide you a template that works for the type of real estate you are doing.That should hold you until you start to really rock, at which time I recommend Buildium. 

Of course you want them busy working on the property and not busy updating you on activities...but a quick call, email, fax, text, video chat can work. 

For the people that want to put the situation behind them and start fresh, I can’t imagine many homeowners who would want to sign over the deed to you and continue to have the mortgage in their name while you promise to make the payments.

Thanks for stopping by, Joshua*Edit - I had to make a quick edit to make sure I didn't break any of the rules.

It’s just trying to find a buyer quick enough.