My name is Kevin and I'm a wholesaler operating in the state of Florida!

If bandit signs are something you are going to pursue, I would suggest learning the laws/rules of the city you will be targeting and either comply with them or be willing to face whatever the consequences are if you don't.

Most real estate lawyers will not do lease-purchases at all, since failure to comply with even the smallest requirement may trigger significant liability for the attorney preparing and filing the various disclosures and documents."

If the total of mortgages, insurance and taxes is $20K as Ryan calculated, it is essential you accurately identify all of the operating expenses. 

If that is the case, consider exploring the ROBS 401k which is a type of 401k that allows one to invest in their own real estate operating company and also draw a fair salary. 

@Eric Hathway I have a good friend who owns/operates http://www.portsmouthatlanticins.com/ and has always been super helpful.  

& Credit Loss (5%): $1,734 (I include the laundry income in this calculation because it is safe to assume that when you experience a vacancy, you will experience an equivalent proportionate loss in laundry usage).Gross Operating Income: $3,2946RE Tax: $5,237Insurance: $1,200Lawn: $870Fuel: $636Electric: $240 (seems low for 12 months of laundry)Water/Sewer: $2,029.94Property Management (10%): $3,294.60Repairs & Maint (5%): $1,647.30Total Expenses: $15,154.84OER: 46% (Lower than 50%, yes, but the 50% rule is for quick assumptions and somewhat worse-case. 46% is realistic for a multifamily, but you still need to verify all of the known variables to be accurate).NOI: $19,525.16CAP (assuming $245,900): 7.94%Now, I don't know the prevailing CAP Rates for 3-families in that part of Manch, but I would have thought they would be better; thereby suggesting that the price is too high.Cash Flow: I'm going to have to make some assumptions here.

Tim TrumbleOnline Operations, NACA

You are buying an operating business, to value the business, you need to know how much cash flow it is throwing off.

Truth in advertising: I'm no newbie but have not yet operated this full strategy, but have seen more experienced investors pull it off.