The rent is not market price and and I’m assuming it would be due to the condition (did not see it yet - walkthrough will be this following week).

Appraisal, Engineer and Contractor to asses condition, current value, and possible repair scope?

Condition of units?

Note the condition when you enter.

You have no way of knowing the condition of the house when the tenant moved in. 

@Lawrence ChenThe first step I’d do is write down your goals and expectations for an investment - what cash flow do you want, how much time do you want to spend, what condition of home, what about a market attracts you, etc.Then once you have a better idea that, I’d recommend to start reaching out to agents who are also investors so you can learn how the local markets are operating and how the on-market MLS compares to off-market deals.Overall, the Midwest is great.

That website, and all the linked documents, are written like so many others whose operators are from outside the US (and have poor English language skills) and typically perpetuate loan scams on unsuspecting borrowers.Their “Terms & Conditions” document for the loan is a joke.And I can guarantee you that no real “private lender” is loaning money at what they’re advertising (i.e. $50k up to $800M @ 5% interest for 35 years).

Meanwhile my plan is to setup the team and stabilize the property (its already in running condition, I just need to catchup).

If you good enough credit, using a 3% or 5% down payment would be better than an FHA loan.FHA will not lend on homes that need substantial work and has stricter criteria than a conventional loan as to the condition of the property, although conventional will not lend on a total gut/full rehab project either.

I ask because I found a house that's selling for 100k less than tax assessed value (MLS, normal house, great condition) and am wondering if I'm most likely walking into a sweet equity deal, or if there's some more nuance y'all have fun into.