I plan to pay him back when the property is updated, fully rented and refinanced (<6months).My plan was to put the down payment in, do some minor repairs and aesthetic updates to the empty unit, get it rented, try to get the older lady out of her unit (cash for keys) and see if I can do the same with the other existing tenants.

come to find out, the lady I was speaking with didn't know what she was talking about.  

In the mean time I working as an agent.I had a walk-in while covering the floor on Monday and sold my services to manage a ladies two rental properties.  

Nancy Neville wrote a great book on how to set up QB for property management, I highly recommend it.  

@Nancy Curran - I think his intention is to make it commercial business for tenants and retail customers alike.

I NEVER ran a credit check on them (of course this was in TX where foreclosures can be done in less than 60 days), collected a cash downstroke, did the documents myself (and charged for them) had my bank lady notarize the docs and charged a not usurious interest rate.I've done well over 50 of these and gotten a few of them back.

I got a call from a lady today in response to an ad I had on Craigslist.

However, the mortgage lady kind of ticked me off today.

I see too many cases where a 'subject to' goes bad and the old lady seller is the defendant in a foreclosure suit.

I even went over and hung a few pictures for a lady once since she didn't want to take my money just for using her outlet...