@JoeI don't have good enough credit to get a traditional mortgage, so I suggested this option to my potential seller as an alternative.

It's the cheapest unit (about 20-30k cheaper than other current comps that are rehabbed) in the building and needs some light reno (floor, paint) and has a long-term tenant in the unit that has been there almost 20 years. 25% down (investment), 3.19%The drastically-below-market rent the tenant pays JUST covers the mortgage/taxes/hoa/ins but no "soft costs."

Electric outlets on walls; light fixtures overhead.

@Kit Creager Its not impossible, but good positive cashflow on day 1 is much harder to come by these days, especially if you are buying a property that is traditionally listed and in good shape.

Just the mention of a lawyer may light a fire for the owner/property manager to make corrections ASAP.The property manager should be well versed in evictions.

.******************.comI don't know if that link will work they are not letting me share my pdf file BRRRR calculator document with you without signing up for the pro membership on the forum... its like 400 bucks. anyway have a look at the property if you like on google earth or any other way of your preference. it is *******************, Daytona Beach FL 32114I've attached a pdf format of the property as an investment with a traditional loan and not paying cash upfront.

Personally, I see these sorts of things in good and bad lights.

He has contract packages for wholesalers, seller financing and traditional, runs a title company and a land trust company too.

Flooring, light fixtures, vanity, new tub/shower surround, counter tops, paint, painted cabinets, tore down old wall paper. etc.Estimated $5k for cosmetic updates all done, came out to ~$5,500.

Not bad considering finding even a breakeven home right now seems impossible via a traditional model.