Brokers have limitations but also some of these limitations are under review currently by the CFPB with a determination due next year.

My best success has been in meeting with a bank executive, discussing my background, needs, and assets and letting them determine their preference for a loan.

This stems from legal views as to the determination of assets.

That's not to say there isn't a very specific definition of ROI, but what ROI is telling you may not be exactly what you want to know.There are lots of specific return metrics -- cash-on-cash, IRR, return on equity, etc -- that can be used to evaluate the financial performance of a deal, and it's up to you to determine what metrics you care about and what you're trying to optimize for.I would recommend getting familiar with several different performance metrics, figure out what information each is conveying about the performance of the property, and then use the one(s) that are providing the information you really care about.

Regarding your question, @Ryan Steele has given good info as to how you would determine whether or not this property would be feasilbe as a rental.

Many others here use the 50% rule to determine if it is a good deal.I would use an agent, as you are the buyer and it is free to you.

I have a wife and four kids, so spare money is tight, but im determined to get out of the rat race and the things I am getting rid of are not near as important as my financial freedom!

I was determined to do this remotely, but thought I needed to understand the area and be a little hands on.

We have a friend who along with her Husband have become very successfull in Florida with REI to the point that after 18 months they were able to make it their full time careers, and that is what we strive for as well.We know that it will take sacrafice and determination and we are ready to commit.

The buyer is a childhood friend and I understand Fair market value determines the price and not the "ASKING PRICE ".