My reasoning for this at the time was that I wanted a nice large house with a swimming pool, room for my dogs, etc, and was not sure if I would be moving out of state soon.

But with rent of $900 and P&I or $800, there's no way this will make you money on a monthly basis.But, if you can turn around and sell this after you fix it up and net $110-120K, then you've got a nice flip.

It's also nice because if you happen to break a pipe and flood out an apartment then that liability insurance will cover the damages done to the apartment.You need to talk with a local attorney though to see how your specific situation should be set up.

But at least it is not a huge lump sum, just a few hundred per month can buy a fairly nice marketing plan.

he's such a nice guy to share his secrets in making millions in real estate

I own 2 very nice homes (about 2 million in value--nice but not McMansions)--outright, 2 very nice cars and a bike--outright.

[[[[[.........When you see landlords that will not accept sec 8, most times its because it won't pass and they don't want to fix it up. ....]]]]]Please site your source for that statistic.I don't take Section 8 because I don't do leases, and Section 8 doesn't accept month to month agreements.Not to mention, I have yet to meet any Section 8 tenant who can meet my written rental criteria.The landlords I know who don't take Section 8 have nice places and they don't take Section 8 because the welfare tenants will trash a place and they are difficult and demanding to deal with.My places are in tip top condition and I respond to any repair call in less than 24 hours.Although, I have to confess, one of my houses can't pass Section 8 inspection because there is a centuries old tree too close to the house, and I refuse to cut it down.Another house wouldn't pass because the railings on the giant deck aren't close enough together and Section 8 doesn't want their little rug rats to fall almost 2 feet to the ground and maybe get hurt.

Some people get paid upfront, which is nice, but whatever your assignment fee is, you will get paid at the title company.

I think the seller is asking that much because it's located in a nice area.

I had a fire in a 6 family, 6 months down time - everything was covered - nice and smooth and no hassles.