I've been hoping to pick up another 3/2-type duplex or even a fourplex, but the numbers typically don't seem to hit 10% cash on cash for me.

I do recommend you talk to a lender when you are getting started, but typically they will only talk in general terms until you have an actual property picked out.

Hi @Roy PomesWe typically stay away from homes that are under contract with a Realtor. 

Im essentially 7 months behind you.

You need a contract he won't sell it for essentially nothing if that is what you were implying by only paying what is left on his mortgage. 

It is also not surprising that typical residential lenders would stay away from this type of property as well due to the commercial use aspect.

In any case,   one argument FOR holding onto smaller apartment properties in seattle is that townhouse redevelopment,  which requires the same zoning as small multifamily causes a lot of SFR and smaller apartments to be lost to redevelopment,  so this class of neighborhood scale and typically comparatively affordable housing is going to get harder to come by,   and presumably in higher demand as a result.

This essentially took Dorm expense out of the equation and provided some good experience for the son.

I'm interested in potentially placing some bids on some properties in Mecklenburg County in NC but am unfamiliar with how the due diligence process works compared to a typical property purchase.  

is this typical of the tenant base there?