Assuming your numbers are right it's not a bad deal, but not fantastic either percentage wise on your ROI.Yeah, your buying costs seem a little high.

Whatever you choose to do, I hope that you get some help with your credit issues, look for better financial advisers, life is tough without making it tougher on ourselves.Thanks, you are right, and that is the first reply (I have posted this same question in dozens of forums genuinely seeking wise advice) that pointed to the nature of the problem - YET did it accurately without inappropriate blame: I wasn't trying to get rich, but I did "bite off more than I could chew" expecting to be able to consolidate in refinance with enhanced equity within 2 years.

You'll also have a "buying tenant" in both units, so vacancy should be down and the property will be better maintained over the term.Tax wise, you can do either in a passive or active manner and split deductions accordingly.I would think that there would be many business owners who would like to get in on lower RE prices now, but can't since they may well be concerned about operating capital and not seeking to put a chunk of cash in a building that will take some time to recoup that investment from the differences in renting.I mentioned buying as a partner, you can do that or you can go it alone, buy it and immediately put your buyer in under several methods so you regain that up front money for the next deal.

(these old homes can be tough to update cost-wise sometimes)As long as you can keep it under 100K if renting it out (purchase + repairs), you should be OK.

So at least I have my attorney fees covered if it goes as far as court after refusing.At this point I could take them to small claims just for the deposit, but any judge can be unpredictable and just want have all my back covered so I think it's wise to sue for double to cover myself incase they counter sue and the judge thinks I should pay the amount I actually owe for the lawn anyway.

For the right investor, one who maybe has their own crew and has their own money, this is a pretty good deal, numbers wise.

I don't think it would be wise for me to jump right into a property needing extensive rehab, even if it was a great deal, because I haven't built up the experience in baby steps yet.

It also gives a new investor time to learn how to invest wisely and build connections.

We did have to remove a few posts early on, but other wise you guys have been awesome!

With interest rates at record lows it seems leveraging my money would be wise, but I would rather not deal with the mortgage company and the payment (although it would be very small).