Topic No. 204: Evictions Based on Owner or Relative Move-InAn owner who seeks to recover possession of a unit for an owner or relative to move in, must do so in good faith, without ulterior motive and with honest intent.

Based on those answers the insurance agent should be able to offer advice on the route to take. 

Are there lenders who will lend base on the cash I have and also the rent income that the property comes in?

I work with non profits that provide community based living services for individuals with special needs. 

It's a beautiful system based on value.Don't get blinded by just applying one number or a figure someone calls a "rule"

Definitely want to make sure that my bases are covered for sure..

Do some research into other rents in your area and come up with an estimated "market rate" for the rent (which would be your "pro forma" rate), and base the price on it.

My name is James Brown based in Utica New York.

We are also investors based in Melbourne and have found BP to be invaluable.Good luck with your studies and REI!

I would think your numbers are about right for this deal, based on the potential for growth and the new development starting this could be the right time to pick this property up however the numbers have to be right when you purchase, not when you try to sell.