@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. 

Keep in mind though that there are plenty of ways to finance a deal without traditional lending. 

In any case, you can get traditional financing on a 2/3/4 unit that you're living in one of the units, you get a waiver from some of the fair housing act stuff on your first place that you are living in. 2.

That lets you qualify for traditional financing, and you can get first-time homeowner FHA on something like that such that $20k might be all you need for a down payment (or less).