As you can see, a total gut and 1000sf addition won out.

I am glad to have a forum to discuss scenarios and ideas in addition to networking.

Initial plan is to acquire a 4-plex and then move on from there into potentially flipping or additional multi-unit properties.

I am also in need of experienced real estate investors who can coach me online about additional information i need to know also, but any help is welcome. 

Definitely makes more sense for the lender if they receive a mortgage and note.

Asking price: $245,000 - reasonable for the areaEstimated Monthly Rent under current leases: $2500.00 - on the low side of the range for the area but the tenant base is long term and stableAnnual Taxes: $5000Annual Insurance - Unknown/information requestedUtilities - Unknown/information requestedBuilding Owner pays for alarm monitoring,electric and water bills - have asked for monthly cost averages but do not have yet.Individual tenants pay their own internet and phoneDescription: 2400 sqft, brick building with a 10 space parking lot, good location Known upcoming repair is HVAC for the downstairs (est $5k), upstairs HVAC has already been replaced.Thank you for your time as well as your opinion on this deal, recommendations for additional questions, additional information etc. 

I just got an angry call from someone that received my letter. 

In the Texas Association of Realtors (TAR) promulgated lease, it says "If Landlord does not actually receive a rent payment in the full amount at the designated place of payment by the _______ day of each month at 11:59pm, Tenant will pay Landlord for each late payment...."  

@Toben B. in addition to what Shaun Weekes said, the new property will have to be at least 100 miles from the property you are exiting.

Department of Education “have forced us to cease” operations.ITT was hit hard Aug. 25 by the education department’s mandate, which was made after ITT fell out of compliance with its accreditor’s standards and “put its students and millions of dollars in taxpayer-funded federal student aid at risk,” the department said.ITT last year received 79 percent of its cash receipts from the federal student loan program.The department also placed several other sanctions on ITT, including a freeze on executive compensation and an order that it increase its surety funds from $94.4 million to $247.3 million within the next 30 days.The company said Tuesday that it “exhausted the exploration of alternatives,” which included transferring the schools to a non-profit or public institution."