If you think you want to stay in the deal or make a new offer, you need someone local to help you figure out the right asking price, DOM and anything else needed to get a retail buyer.

I just stay out of the landlord business?

"Disclosed Operating expenses:"RUN your own numbers.400 rent X 4 = 1,600 monthly X 12 = 19,20019,200 gross income divided by half.10% vacancy30% operating and expense10% managementYou have then 9,600 a year.At a 10 CAP you have 96,000 purchase price.1 beds have a lot more turnover than 2 beds do.The people get a boyfriend or girlfriend,get pregnant,family member or mom moves in and they now need a 2 bed.Pay attention to if 400 is at market or below market rent.If it's below market you can keep tenants staying for a long time.If it's high for the area or at market people will move as soon as their income starts falling to a cheaper alternative which creates more turnover.For each turnover you will have lost rent and re-condition costs.The 96,000 purchase price does not include immediate fixes.Example the roof needs redone,mechanicals only have 1 or 2 years left before having to replace etc.

My initial goal is to create an additional income stream since my wife stays at home and want some protection in case I have employment issues/laid off.

I also had some help so giving a specific time is hard to estimate.IMO, you should hold decent properties in good condition and stay on top of them maintenance wise, tenant screening is key as good tenants are golden, I have had many I never really heard from and who took care of the property.

It's not that Officers can't be compensated, but in RE my suggestion is staying away from the issue altogether if possible and use the N/P as your primary customer from a profit making entity.

The money will produce more money if your any good at what you do and now is still a good time to do it.Oil and water, been there done that, just get your sister her half and stay on good terms with her.

Share a few thoughts of your own. make friends, the mentors will follow.Good luck and stay motivated.

My question is, if someone purchases the house from the bank/owner, do they have to follow the original contract and allow us to stay in the house until october?

Basically if someone was to initiate a search, it would open in a new window/tab instead of staying on the same page.