I plan on a telephone conversation to make my offer & mention the contingencies I require, then, if accepted, following up with a Letter of Intent that puts in writing the details (including the subsidies he's offered and the good faith deposit I'll provide along with a signed/accepted P&S Agreement).Finally, as you suggest, I'll try to get a referral to a R.E. attorney.Thank you SO MUCH for all your help!

-rent something reasonably nice/small for the wife and I to live in and invest in a smaller apartment building or commercial property-go owner occupied on a cheap 4 unit place(not sure wife will like slumming it-or that I would like the lack of investment/personal life boundaries)-buy a 200k house to live in and invest in a smaller 4 unit-ish sized place-buy a giant 400k house and just fund the IRA and don't bother with REI.

Hey BP,Finally placed my membership in this Temple of knowledge.

What about selling the house and buying a good sized MFH complex?

What is the management like for a portfolio of that size?

I was planning on contacting some of the owners in order to see if they are looking to sell or work out some sort of deal.Unfortunately for me this is coming at one of the worst times as I am about to have the majority of my liquid assets tied up in a purchase that is in the process to close….taking forever going on 4 months since the initial offer.Besides the aforementioned research I have approached my banks to see if I may be able to apply for a general pre-approval for a maximum amount so that if I was to jump on a deal I could get the financing hammered out in the time before final payment is due (waiting for a call back).

I am currently living in the 4th bedroom as an onsite property manager in lieu of income (and of course, dividends and guaranteed payment).For the final four months of this year, I am currently generating $1025 in gross rent, with operating income (gross minus utilities and taxes) holding steady in the 60 to 75 percent range.

It is as if you just finally went to a casino for your fist time, and walked out cash up.

Would look more closely at Ohio and Indiana.Atlanta, Chicago and Florida is on my final list.would appreciate more inputs from residents of those states mentioned.Thanks

If starting one, then think about after-hours service calls (how to handle), what size properties to take on, think of things that you can grow into as the business becomes more successful.