That would be a completely empty threat, I do have 360k in cash reserves to carry me through if necessary.

You would just have to sign what is called an agent of record letter.

I've just sent my first letter to a potential seller that I found driving for dollars!

I'm no lawyer but it sounds like the tenant has a right to the property for the duration whatever that is, so bear that in mind when you have that conversation or send that letter.

@Andrew B.They mentioned, they sent that as a general letter to all owners. 

Its been a year + a few weeks now so we are ready to get the 4th.So I talk to my broker to get the standard pre-approval letter, and she cant give me a loan for anything, saying that our DTI is 128%.

Seller will will carry the note, no interest, and is asking half the price of other homes in the area.

Make sure he carries E & O insurance and you have a contract with him.

Below are the expenses I am carrying:Expenses:Property Taxes: $1,626 annually ($136/month)Insurance: $714 annually ($59/month)Maintenance and Repairs: $900 annually ($75/month)Capital Expenditures: $960 annually ($80/month)Utilities: $0Advertising/Administration: $300 annually ($26/month)Property Management Fee: 10% of gross income = $1,200 annually ($100/month)Tenant Placement Fee: 50% of first month's rent = $538 annually ($45/month)Turn Reserves (Cleaning): $500 annually ($42/month)BreakdownRental Income $1,075 - 7 % vacancy = $1,000/month ($11,997 annually)Expenses = $561/month ($6,737 annually)Expenses/Gross Income = 59 %For the record, when I called the County Assessor's office, they told me the assessed value is $81,300, and I would be paying 2 % as an investor (number is carried above). 

I didn't really work on the house much from October - February, so again, I carried unnecessary cost on money, dumpster, etc.