This is difficult because 85% of real estate closings are traditional mortgage loan closings.  

Due to student loans and mortgages on 3 properties, even with significant equity I have a VERY negative net worth.

4) MLS Cash Sales: You can also have an agent pull all cash transactions where no mortgage was recorded.

The average ROI without a mortgage is 6-8 but that does but include the deductions and the fact you can use the place when you want to.

So I'm trying to start my journey with rental properties but one big concern I have is the mortgage.

@Lou GuerrierI am not an attorney, but if the condo association forelcosed on the property, and there were existing mortgage on it and you buy it from a 1st lien foreclosure, they should not be able to go after you for the past due.

Pros are your interest rates are lower than a commercial mortgage, there are more people that can buy it on the back end and your down payment will be slightly less.

This means I likely won't be buying a killer deal, but I will still be paying a low-ish mortgage.

Mortgage on $375K based on 4% for 30 years is $1,790Total Yearly Expense is $29,410 and Monthly expense + Mortgage is $4,241The property is giving income of $5200 a month from all 4 apartments, with monthly Cash flow of under $1,000 a month.Even that Cash flow look very good, the Cap Rate is only 6.28% and COC of 7.67%.Also owner is offering to "hold mortgage for balance" - what does that means?

Most everyone is correct here, but your all playing by different rules for your calculations.If you use full cash (no liabilities) and make 5%, that is one way.You can then take out equity loans  or 2nd mortgages- but you have to deduct the cost of the loan.