I've actually purchased two deals from one of my wholesalers in New Orleans. one flip (didn't go so well) and one hold, which I still own today, that was a steal!

And the units are identical.  

If Richard plays his cards right and get's great subcontractors (aka trademen) to do the work,  HE OUGHT TO STEAL the local show. 

Based on the market study, I see that it was not a steal and most of the duplexes in the area have comparable sale / listing price recently.  

And then you have a large target painted on you to have your manager stealing and claiming repairs.I recently had a tenant buy a small pop-up trailer.

I have wanted to buy something in this neighborhood for a long time.I have networked with someone who is recommending setting this up as a rooming house, no leases but billed monthly (not weekly).Here's how it pencils out:Purchase price: $100,000 // +$5,000 for conventional mortgage closing(An identical duplex on the same street recently sold for $123,000)Initial renovations: $5,000Rent:$500 x 8 = $4,000/monthIncome - Coin Laundry:$200/monthTotal income:$4,200Monthly Expense Breakdown:Debt service: $800 (P/I/T/I)Management: $400Repairs: $400Capex savings: $400Gas: $150Electric: $150Water: $150Internet/Cable: $150Vacancy: $750 (planning on 1-2 rooms empty a month)Total monthly expense:TOTAL: $3,350Cash flow:TOTAL: $8,500QUESTIONS:1) Do these numbers seem conservative?

Just think what you would do if (worst case scenario) you uncovered that they were stealing from you.Good luck,Oren

. - the word "conditional" ;)You establish the conditions under which the release is to be executed; one condition is that your new buyer and the seller enter into an agreement identical to that which was originally in place (except for the name of purchaser of course), another condition being the amount of compensation of course. 

FWIW:  The reason I'm interested in this unit is because I already own an identical unit in the same building. 

Thieves ransacked the place and attempted to steal the copper tubing not too long ago and ripped out all the wiring for the water heater and AC system and bailed when they realized mobile homes don't have copper tubing.