I want to approach him with 2-3 different offers so he sees I am trying to work with him. 7 Unit Building 2 Bed Room (owners unit) worth $4,000.00 a month2 Bed Room ($3,950.00 current rent) worth $4,200.00 a monthStudio ($1,850.00 current rent) worth $2,400 a monthStudio ($2,000.00 current rent) worth $2,300 a monthStudio($1,600.00 current rent) worth $1,800 a month 1 Bed Room ($3,000 current rent) worth $3,300 a month1 Bed Penthouse ($4,300 current rent) worth $4,700 a monthPotential for garage rental, Storage, and Laundry as wellCurrent Income $16,700    Potential Income $22,700  I know that the gentlemen likes to spend the weekends in his apartment and I want to give him an option for him to stay for a few years to make the deal interesting. 

My stepmother has done commercial real estate for at least 40 years, and not a day goes by I don't regret learning everything I could from her about real estate starting as a teenager, but the less time I spend regretting the "woulda-coulda-shoulda" , then the more time I have to find, facilitate, and proceed with projects.I currently work in IT for so I am grateful to work from home in a position where I can research, learn, and scout out potential projects while working my 9-5. 

Of course, I'd rather not spend that kind of money.  

There is an hours requirement but also it states that you MUST spend more time on REI than any other activities(s) A read a tax case not too long ago where a surgeon tried to qualify because he self managed his whole portfolio, yadda yadda...Ultimately the IRS said you're in the Operating room for 10 hours a day 6 days a week.

The wedding isn't paying itself. haha)Investing goalsMy first goal is to buy a duplex/3plex/4plex once I get married and house hack it.Eventually, I want to own a few multi-homes and create passive income to live on.I'll probably focus on Illinois and Indiana since I spend most of my time in these areas then branch out.Nice meeting everyone. 

You can spend a lot of time reading, but like you said getting out there and getting a deal is definitely the way to go...do your numbers and research and dig in, start building your network, and find good people to work with...it's a lot of fun!

Does this mean it shouldn’t have 3 different households or could it be grandfathered?

Option 1:  Spend $50,000 on a conversion from a huge basement garage to a mother-in-law unit that would increase your rent by $500 per month on an existing rental.Option 2:  Spend $50,000 on a down payment on your next deal that should cashflow $200 per month after expenses, in addition to the loan paydown, appreciation, and tax benefits.

These small fixes allow my sellers to walk away with more cash in their pockets and my buyers have new roofs and windows without spending any of their own money.

We‘re nor sure how to fInance the next property we have about $30k of liquid cash that we’re comfortable spending if need be, but would definitely be more comfortable using OPM and not losing our leverage.