You are only replacing the existing loan balance. 

Red Cedar  8 feet tall section of  75 linear feet and another 2 sections , about 90 feet  of 7 feet tallSo total of 167  linear feet,  + removal  existing fence  and haul away.    2-3 days of labor with a crew.Bids are between $6,200 and 7,200.     

After several deals I could afford to do a contract for deed with him to live in one of my properties, I pay that living expense in exchange for labor every month (rehabs on properties and maintenance on existing properties).

The best scenario is usually to break even where the rent covers the mortgage and taxes (insurance will be very low or non existent if you buy bare land, but if you purchase buildings you will have higher insurance to consider).Hope this helps.Take care!

I still feel this way even if that means making less in hindsight.In terms of buying something recently, we put a rental building under contract back in April and closed in July - it's a value add play where we get the existing building but it comes with a lot which we plan to subdivide and develop. 

(I’d look into the illegal inlaw legalization first, because you may be able to grandfather in some existing conditions, making life easier.) 

That's nothing like the courthouse here. 10 day upset period, and the lawyer does their best to notify and clear all the existing liens. 

Upon receiving our offer, the current owner sent out new lease agreements to the existing tenants to protect them from our being able to increase rent after purchase. 

For rentals, it doesn't seem to pay to upgrade kitchens and baths if the existing ones are functional.  

There is no such list in existence.