But here's what I have right now....Asking price: $49,000Comps: $100-110kmonthly gross income: $1050needs new shinglesowner says the building needs "updating" (the outside looks fine to me).key points-rents are currently 20% below markettennants pay all utilities except water and sewerbuilding has electric baseboard heattennants currently have free washer/dryer use (this would change quickly if I purchased, and would provide increased income)I know the first thing I have to do is determine how much updating needs to be done.

My total repairs for the WHOLE property have been around $2,000 , the roof was fine other than the tarp they put over it ,and fixed it with a $15 bucket of roofing stuff.

But if you can qualify for a loan on this smaller property, then what I would like to suggest should work just fine!

Without a BIG downpayment, this property will lose money, which is fine with me (it's not my money).

Focus on the business end of things and you should be fine!

As long as you're aware that you should expect significant negative cash flow here (to the tune of -400/month to -500/month) and are fine with that given your residence in the other unit, then it sounds fine.I'm not sure it looks good as an investment once you move out, though, unless you can rent the unit you were living in for $750 to $800 per month.

Thank you all for your support.I go through episodes like this; sometimes I plunge into the depths of depression and other times I feel fine.

Go ahead - it's absolutely fine with me.

Otherwise, leaching off somebody elses net worth is fine with me...

PM is fine.