However, I've seen the full income statement from the last 2 years, and the previous owner hasn't been making nearly as much as I would expect, mainly due to high costs.First question: should I be worried that this is a lemon... or is it an opportunity?

If you are going to be rehabbing properties you can only pull some of the permits and that can be done as a home owner if someone lives on the property.

Owner has owned the property forever and I believe is free and clear.

I sold 2 building, and the security deposits and leases were transferred to new owner, as part of the purchase agreement terms.

So naturally I start trying to look in to owner info.

Having just received that check I come to find that all these extra fees have been deducted from the rent.Total Sept rent: $1675Fees from rent: Eviction court fees: $480Management company fees: $120Terminix, beehive: $189Energy bill: $1536 days rent: $334.98Total: $1276.98Total rent due to new owner: $398.02I did not keep on the management company at the time of closing.

IF it was not acceptable to do it that way, if I were willing to do an owner occupy multifamily (not thrilled with the idea but would consider it) would the gifted funds be acceptable then?

When I first interviewed(phone) with one of the owners everything looked great and communication didn't seem to be an issue.

I've posted on Zillow, Craigslist, military by owner, and trulia and hot pads off the Zillow listing.

My husband and I are owner occupying a 4 plex in San Diego CA. 2 units are rented, one is vacant.