Not sure about your laws in VA, but I think you may be talking about 2 separate things... the right to cure in AL where you notify them of the breach in contract and they get 7-14 days to cure that... after that, you can proceed if you do not accept any partial payments and can prove breach of lease... that's in AL. .

Owner pays monthly water and each tenant pays their own separately metered Asking price 320,000Monthly Income:$4,890.00Monthly Expenses:$3,731.69Monthly Cashflow:$1,158.31Pro Forma Cap Rate:9.45%NOI:$30,236.40Total Cash Needed:$96,000.00Cash on Cash ROI:14.48%Purchase Cap Rate:9.45%Purchase Closing Costs:$6,000.00 Estimated Repairs:$10,000.00Total Project Cost:$336,000.00After Repair Value:$320,000.00 Down Payment:$80,000.00Loan Amount:$240,000.00Loan Fees:Amortized Over:25 yearsLoan Interest Rate:4.700%Monthly P&I:$1,361.39 Total Cash Needed By Borrower:$96,000.00Total operating expenses:Mortgage expenses:Vacancy:$342.30Repairs:$244.50CapEx:$342.30Electricity:$350.00Water & Sewer:$400.00Insurance:$200.00Management:$391.20P&I:$1,361.39Property Taxes:$100.00ARV based on Cap Rate:$755,910.00All advice welcome.

I am looking to create a separate cash flow and slowly build wealth.

Owner pays monthly water and each tenant pays their own separately meteredAsking price 320,000Monthly Income:$4,890.00Monthly Expenses:$3,731.69Monthly Cashflow:$1,158.31Pro Forma Cap Rate:9.45%NOI:$30,236.40Total Cash Needed:$96,000.00Cash on Cash ROI:14.48%Purchase Cap Rate:9.45% Purchase Closing Costs:$6,000.00 Estimated Repairs:$10,000.00Total Project Cost:$336,000.00After Repair Value:$320,000.00 Down Payment:$80,000.00Loan Amount:$240,000.00Loan Fees:Amortized Over:25 yearsLoan Interest Rate:4.700%Monthly P&I:$1,361.39Total Cash Needed By Borrower:$96,000.00Total operating expenses:Mortgage expenses:Vacancy:$342.30Repairs:$244.50CapEx:$342.30Electricity:$350.00Water & Sewer:$400.00Insurance:$200.00Management:$391.20P&I:$1,361.39Property Taxes:$100.00 ARV based on Cap Rate:$755,910.00All advice welcome.

Certainly nothing to be excited over but I can separate the electric and put that money back into profits and I want to use the cash flow of the building to clean it up, and raise the rents a little more and sell it in 5 years for a nice profit.Thoughts?

Can I then separately qualify for another quadruplex under a new FHA loan?

@Scott Ewell I don't put each property in a separate LLC, but all properties are in an LLC.

Further, the claim may have been avoided if the listing agent had the buyer sign a separate document that specifically disclosed the discrepancy in the square footage, provided that the buyer was not relying on the listing agent’s representations, and recommended that the buyer retain a professional to measure the square footage.

We both also have our own separate LLC's but an attorney recommended just creating another LLC as 50/50, rather than an LLP.

Our situation:8-plex, no washer/dryer hooks ups in units, separate laundry room accessed from the outside with a key, each tenant household is issued a laundry key, rules for use of the laundry are posted in the laundry room and written into the rental agreement, laundry room hours are 8am-10pm, there's a natural gas hot water heater, one electric washer ($1) and one electric dryer ($1) - which is less expensive than local laundromats, one utility sink, one laundry work surface attached to the wall for tenants to sort and fold their laundry, one baseboard heater, one floor drain.