I imagine (depending on the condition of the property) my largest upfront expenses will likely be the down payment and rehab costs.

If he is 80+ and just wants the cash flow, then give him 5-15% down payment and have him carry a note for 5-10 years at 5%.

@James Marshall Bank has the right to call the loan, but usually wont as long as they are still receiving payments.

The variable interest rates bother me, but the balloon payments sound like a recipe for disaster.

This also means that with a larger down payment, the monthly debt service is less, thus increasing cash flow.

Instead of spending 20k for a random seminar, use the money for your first down payment on a property.Need motivation? 

therefore the purchase price at the Tax sale already includes the required payment to Revenue. 

If the deal has other deferred maintenance or if I plan on doing renovations (interior renovations or replacing a big ticket item within the first 24 month), I account for that in my down payment when underwriting.Also, I agree with Omar when it comes to audiobooks.

Don't be late on any more payments going forward.Start attending all of your local REIA meetings.

@Kenny Szymanski I would wait until closing or ask the loan officer if your income would support the new payment. .