$450/mo is on the low to mid- range for 2 br and $375 is low to mid for a 1 br in this area.Here's the projected budget I have constructed:Annual Net Rent: 39,30750% Expense Rule: 19,654NOI: 19,654Cap Rate 10%After Repair Value: 196,000Repair/Improvements: (85,000)Current Value: 111,000Offer Price: 100,000 cash to close w/in 3 daysTotal Hard Money Investment/Loan: $185,000 (purch + repair)The terms I have worked out are to repay the hard money within 6 months by placing a new mortgage on the property with an agreed purchase price of $203,000.

If you don't want to spend the money to see an attorney, then you can also get a lot of good information from the SUCCESSFUL landlords at your local REIA.Good Luck,Mike

I have been going through hard money lenders and such for a while but the limits that they are imposing and the slowness of the process on a whole is making it where I am spending more time dealing with the hard money lender than I am finding properties and end buyers.

You could learn how to manage properties, spend the next 5-10 years buying cashflowing property, retire before you hit 35 and never work a day in your life again.

If you feel pressure it is not from me.You claim that you have a small team and a tiny budget.

Worst, the asset managers are overworked and the listing agents (generally) are not interested in babysitting an asset manager - they figure it will get done in due time - the more time they spend working on one file the less they make per deal.

It’s sad but true, you really need to be a skeptic with every dollar that you spend because it seems that there is no shortage of people who try to sell you things that you don’t need, or simply skim your money out of a deal (like an insurance agent).

Spend some time looking at other threads here on BP.

Be prepared to spend a few hours going over the property with a fine toothed comb.

My plan is for the first 10 years maximum growth then in the next 10 pay everything off that way we can spend the next 10-20 baby sitting our grandkids on airplanes as we take them all over the world. :-)