If he got a job somewhere else, we would move, but I'm concerned that we wouldn't be able to rent out a house in OC for enough to cover the mortgage + savings for cost of repairs- not to mention cash flow.  

Use a hard money lender and receive 50k from a private lender to cover the 20% required by a hard money lender, do I pay taxes on either funds received?

Instead, get in touch with a securities attorney to CYA (cover your a$$).

There were 2 doors into the actual basement that were locked but somebody was living/doing other things in that covered space.

If not then you include language to cover potential losses. 60 days notice (also usually in codes) one months rent penalty etc.There are a few major problems with lease break language.

It won't cover the entire purchase of the condo so I will take out a 15 year loan for the remainder.

Harsh Singh Short answer is that the 50% rule should cover everything but debt service and profit.

@David Rubio That's a great suggestions, but Listsource doesn't cover my area ha so unfortunately it is a great suggestion going unused. 

Hi i am new to investing and im reaching out for help analyzing a deal im looking into, it would be my first deal if i don't count the home i live on and i would use down money from a heloc on my home... here's the details: its two separate houses, one is $32000  1800sq ft 4 bed 2 bath currently has a $550 rental income tenant and theyre both appraised at $39500. the other is being sold for $29995 its 1212 sq ft appraised at $39500 also and has a 475 rental income they are in a neighborhood were homes around it have sold for around $70000... i would maybe use a fha loan at around 5% interest and i would also get a heloc on my first home to cover the down money... they need basic interior renovations but have newer hvac and roofs any feedback is appreciated thanks

It’s definitely a long term hold but a reservation of mine is, in ~2 yrs will the rent cover the mortgage payment and cash flow.