Balancing a 60 hour job plus RE is not easy!

Seller is asking $750.00UPB: $41,485Original balance: 47,700 originated on 2/4/02Interest: 8%Mo pmt $350.01Delinquent tax $1,102BPO: $16,900If I was to purchase this note and worst case scenario is that I foreclose I was thinking I would have about $6,000 wrapped up into this deal (750 note purchase, 1102 taxes, 5,000 foreclosure cost) with out any repairs to it.  

I have a perfect model and employees ready. 

I know the new higher balance will show against my debt to earnings, but a lower down payment means I'll have to deal with PMI which would make most deals negative cash flow.Any thoughts on that?

Down payment is low, credit doesn't need to be perfect and the rehab costs are added after completed to the purchase price.

No minimum balance, no service fee.

The details of the sale:Note sale price: $63,500 (my price), Land Contract Sale Price:$74,973(current contract balance),Land Contract Sale Closed:2/26/14 (seasonsed), monthly P&I: 606.69, Interest rate: 9%, Ammort 30 year, Balloon Date 2/26/19.So in a nutshell, I get 9% annual plus a bump between the note price and the remaining owed at payoff, about $8632.00Who you do this deal?

Keep in mind that there are very few perfect tenants.

Could be perfect for you being an active duty diver; help sharply reduce your living costs and start giving you practical experience with landlording.

If the numbers make sense you could pay off the loan balance.