With this method you buy the home at subpar conditions with Hard money at 10%-20% down.

That same property had someone else outbid me by $5k but I won the offer based on better conditions for the previous owner.

Technically they violated the contract by changing the 'material condition' of the property.

Are there any lenders you think that would be willing to loan for a long term rental under these conditions?

So I got into a really dated unit that was in good enough condition to be financeable, for maybe a 10% discount.

It was eccentialy condemnable and he gave us a good monthly lease of 1000 (would have been 1300-1600 in good condition) for agreeing to clean the house thoroughly.

Since you Did close under these conditions, I suggest you find a local real estate attorney and let him help you work this out so you’re better protected.

The big things they look for is the condition of the roof, age of electrical & HVAC, any foundation issues, and evidence of termites.

But, if you buy and hold, and cashflow well you should be golden despite market conditions.

Details:Goal is to Owner Occupy Location: Type A *very close to great schools, downtown walkable locationHouse: 4 Plex 8 beds and 4 bathsSq Ft: 3,548Price: $425,000Mortgage: 20% down 30 year conventional Current Rents: 790, 985, 945, 910 per-month  *These seem low for this area and for the condition of the unitsOccupancy: 1 will be open for new owner to occupyInsurance: $180 per-monthProperty Tax: $415 per-monthAnnual Maintenance: $800Water, sewer, garbage, electric: all paid for by current tenants Cap Ex: $280 per-monthVacancy: $280 per-monthProperty Mgmt: $345 per-monthThe property has had many Cap X improvements over the past 6 years including, new roof, windows, refinished hard wood floors, paint, foundation work, plumbing, electric...