I have been trying to gather as much information as possible and make sure that I don't make any costly mistakes right off the bat.

., pay off their existing loan, closing costs, and/ or put some cash in their pocket, etc)There are 2 "legs" of the transaction.

Costs of doing business are charged to the customer in one form or another .  

Not a high cost of debt/capital at all, so we are not concerned about the balloon payment.Regarding long term goals, we plan on building slow and steady over the next 10 years, but then have them all paid off within about 20 years for retirement income from the rentals.

We have had Bad deals, that we still made a lot of money on, because of our financial analysis and looking at potential cost over runs, occupancy slippage, locked in interest rate, and market rate slippage.

Hello, I currently operate a rooming house, and the insurance cost is going up every year, and it is getting ridiculous.

I am about to close on my first STR in Panama City Beach, and would like to try and get people in there for the winter months to help cover the costs and lessen the maintenance burden. 

The cost of entry is low while the cash flow is high

But, it also means more work in managing, tricky loan processes, higher start-up costs, and the risk of market changes.Lubbock, with its high need for rentals and low-cost living, is a top spot for duplex buyers.

If you're in contact with the owner/seller directly, and you don't feel there is a lot of competition (off-market), might as well start with an LOI to lay out terms before drafting a contract.If you need the offer to look compelling because other buyers are circling, a PSA would indicate more motivation on your part.