Your description above is accurate. 85% LTV left us with a HELOC of $600,000.

If your purchase agreement legal description did Not include the lot, it's a bigger problem.

@Stephanie Muhammad   Given your description of your personal circumstances.. all the platitudes are nice.

You can say stuff like, "HVAC is x years old, roof looks worn, but no leaks are show, house needs paint, fence is falling over, etc" Point is, be very descriptive of what needs to be done.  

House description + plan listed $165k 9 beds 3 baths 4500 SqftIt looks nice from the outside on google maps and zillow/redfin/beenverified all "zestimate" the price at greater than $215k (in 2013) . 

She’s great because she may know something I don’t like foundation issues (something never seen in the descriptions on the real estate web sites), which we then move on to the next property.

So to me, the older units, IF in good shape, are a better investment.Both of these types of units have a pretty low vacancy.....usually less than 5% I would say.The 4-8 units for the most part are price well at around 40K - 50K a unit, but tend to be in less desirable areas, no descript dingier properties, and have what see,s like a much higher vacancy rate.To me, a big part of it comes down to looking at long term return on investment.Dan Dietz

Let me know I have a client that with a house that fits your description.

I am just not sure if the numbers work for me.Multi-Unit Information# of Units (Total): 3Annual Insurance Expense: $900Annual Repair Expense: $600Annual Trash Expense: $309Annual Maintenance Expense: $1,200Annual Electric Expense: $3,113Annual Fuel Expense: $1,188Total Annual Expenses: $5,841Gross Annual Expense: $6,410Gross Annual Income: $25,140Owner Expenses: Taxes, Insurance, Water/Sewer, Electricity, Fuel, Maintenance/Repair, Trash, Snow, LawnTenant Expenses: Cable TVShared Amenities: PorchUnit 1 Information# of Baths (Full): 1# of Rooms (Total): 6Bathroom Description: Main Floor Baths (Full)Dining Room: Informal# of Similar Units: 1Monthly Rent: $950Total Expenses: $162Unit Number: 1Unit Sq.

He also works in finding locations for new projects, doing comps, and manages subs on jobs.Our son in law, James, is a licensed electrical contractor.That's a basic description, in reality we all overlap in many areas.