The owner furnished the following:Sell price 130,000Rent- 23640 Operating Expense- 11315 - (Gas 3852, electric - 4260 Tax and Insurance 3200)Net Profit 123254 Units with varying rentsI have asked for the lease for past one year and verified the rent which happens to be correct.

Have you verified you have the rent correct?

Here that is a great property that is sub $200k, that needs little to no work to move into.I'm looking at picking up 3 houses in the same neighborhood right now, very similar stats, almost identical ARV comps.

I told Rich not to post identical posts in both the blog and forums, in order to keep the conversation focused.

Verify income.

Hopefully, you learned to always verify and never take anything for gospel.

I have a payout letter for 409,000. but the credit agency needs to verify the payout verbally for the deal to go through.

It's about as accurate for rentals as Zillow is for values.In other words, you still have to know your market and verify with a local Realtor or Property Management company.

If yours is the low point, you'll flood when it rains.One last thing: verify that it's possible to get a building permit.

You would need to read the hoa documents to determine if they will or not, and you will also need to verify that the banks/lenders will lend in that hoa even if there is a large number of rentals.