… $1.2MWith head shaking, I responded that he didn’t just buy a $1.2M property from an old woman who was unable to pay her taxes for $80k.

Many of the properties in more desirable areas (and higher potential for appreciation) would allow me to pay just about the same that I am renting right now after considering every expense under the sun (PITI, vacancy, PM, capex, maintenance, etc etc).

Many times the tenant would not pay their portion of the rent on time if at all.  

Seller is paying $5,000 of closing costs and a $5000 credit towards a contractor for repairs found during inspection.Here is the part that is bothering me...

What are you paying them for?

You do not need to pay a lot of money for the information that he provides.If you go to his seminars it is mostly just upselling to get you to buy into another program that will provide you with the information missing from the current program.

Post back if you find another lender who serves you well, and I will add them to my list and pay it forward.

What happens if they don't pay rent or refuse to lease?

Tennessee doesn’t have personal income tax but if we create an LLC we would have to pay state income tax.

My goal when I got the building was to live in my building while having my tenants pay for nearly all of my mortgage.