I don't think the house is worth even 140 with no work done to it but the tenants really want to stay there and would pay a premium (supposedly).The owner's like me. they said they've been approached by more agressive people and were turned off but that I impressed them.

My approach has been and will continue to be a buy and hold strategy spanning core and value added investment approaches.I found BP through Brandon's website Real Estate In Your Twenties (great site Brandon), which I visited while searching for REI book reviews.I'm looking forward to contributing to the community and tapping the wealth of knowledge offered up on the site.Paul

The loan amount will be too small as the minimum is $50k.It might be possible to approach the Seller's bank and ask if they would allow you to assume the loan.

I'd probably take his approach if I were in that situation.

Here is a duplex that has the potential to break-even, if not net a little cash, from day 1: http://www.redfin.com/CA/Los-Angeles/104-N-Harper-Ave-90048/home/7093197My question to those more experience is, say I wanted to approach my investor friend with this property, what kinds of deals could we structure such that he'd be willing to invest in acquiring the property, we both acquire interest in the property, and we each obtain some sort of gain in the long run.

-Seeking out and acquiring funding to pay for the house-Finding tenants (no one currently living there)-Also, possibly finding a property management company to help (I want a hands-off approach)-Other steps/costs I have not thought of.I would greatly appreciate any feedback to help point me in the right direction, or even be a "bird dog" for someone else to purchase this property.

-Seeking out and acquiring funding to pay for the house -Finding tenants (no one currently living there) -Also, possibly finding a property management company to help (I want a hands-off approach) -Other steps/costs I have not thought of.I would greatly appreciate any feedback to help point me in the right direction, or even be a "bird dog" for someone else to purchase this property.

Will probably go to back to more wholesale/tax auction approach.

First, a little history:A realtor approached me through one of my ads seeking investors.

Wanted to see if others had more focused suggestions as I'm likely taking too broad an approach.