Here is how I see the deal.Asking Price- 600,000# of units- 13 Gross Operating Income- 71,820less Taxes- 3087 Insurance- 2310Repairs- 6875 (added 25% to estimated price, )Utilities(common area)- 400Misc(pest, snow,landscaping)-2300Net Operating Income 56,848lessMortgage Payments 46,800Cash Flow 10,048Now I will not be offering $600,000 but really wanted to check with some of you experts to make sure I'm not forgetting anything.

He has told me that two good ways are to put a classified ad in the paper (and/or craigslist) and say "Rent to own, low downpayment" or "no bank qualifying, rent to own" or something like that.

When we asked him to come out and fix the electrical problem our new electrician told us about -- a problem he had caused, he added back the $15,000 to our bill and told us on a Friday that if we did not agree to absolve him of any further obligation it would be payable immediately as of Monday at 5 pm.

We have no other debt.My thought process is to pay off the rental property with the smallest mortgage as fast as possible with our extra cash flow, then use that rental income to pay off the next smallest mortgage of another rental prop, and finally when that property is paid off we want to use all the rental income to pay off our personal residence quicker so we can retire without this giant mortgage payment.

The ad should read "Owner Desperate, Must Sell Now, Please Call 555-555-555"Or "Motivated Seller, Take Over My Payments, Call 555-555-5555"Jason R.

I'll have to calculate what the profit will be after the extra holding costs and see if it's still a good deal.

That's just about as good as you are going to do in Washington.2 suggestions for the extra lot to make the deal better.Split it off and build another rental on it.orSplit it off, sell it.

Third is a forbearance, which is where the lender allows the borrower to go for a specific amount of time without making payments, perhaps adding the back payment amount onto the balance of the loan.

Slow down or two years from now you'll be writing about how you've had TWO BKs, in the last 4 years.This one sounds like you've dug yourself a bit of a hole, but I like the idea of adding the 1/2 bath.

His estimate is 70K, that includes turning it into a 3 family and adding a coin op laundry room.