It was one without any repairs.

TO me it seems that major repair/replacement is the most important: 1) water heater/plumbing2) HVAC3)Roofing4)Electrical5)foundation(I'm in Texas, terrible foundation problems)Does that sound about right to you?

I'm going to meet with the seller today and look at their houses (I'm looking at 3 houses... 1 of those has 2 lots... they inherited them all) and if there are no repair surprises, I should be getting contracts today.

Obviuosly the higher the better but I didn't know if a certain amount of positive cash flow should be met to cover repairs, etc.

Bring some people with you to do the estimating of repairs, so you will know what you are looking at!

I just crunched the numbers and they seem to jive...How old is this property, what repairs are going to need to be made, and have you had any inspections performed on the property yet?

If we do not close for the full amount in 13 months, all repairs are free and clear to us.

The deal was that if we bought a house, he would be the CASH man, as he has plenty, and I would do all the research, and repairs and paperwork ect..He was strictly the bank, as I said, he likes the easy street.Anyway, I busted my *** for 8 months tring to find that great deal.

For example:You can not charge too much rent for a given appartment (max would be app 600,= EUR/month)You can not evict renter: renter protection is really extremeYou can not raise yearly rent by more than the inflation rate (this year 1.6%)Most mortgage's are guaranteed by a special fund in case of defaultI'm targetting on appartments with after repairs value 100.000,= EUR (give or take).

Use the HML and while doing the repairs, start working with a lender on the refinance.