Dave and Joel, thank you for those ideas, I would ideally like to remain here in Venice CA (LA) while my mother and father are still alive, I guess the best thing that could happen would be to REFI and get the loans consolidated1st 470k 5.875% fixed 30 11 years in already2nd 250k 3.40% Adjustable till 2017 then principal as well!

I have a few owners already lined up, so my goal is to remain small for several years to fully understand the industry and my market before aggressively growing the business.

The duplex is underwater and a sale will most likely result in me reimbursing the remaining 5 to 10k due on the loan.

I found out later that he lost the court case and lost all the remaining properties he owned.  

.), so $415 is probably a bit inflated.

Don't have much to share quite yet :)@Jenkins RamonMeat and Potatoes Below:Price: $140k Rent: $1,560/moWater: $60/moPrinciple and Interest: $525/moInsurance: $80/moTaxes: $320/moCashflow: $575/mo (those numbers are a little inflated since I made the purchase decision on more conservative numbers of including 8% vacancy loss ($125/mo) and additional cleaning and maintenance costs of $100/mo so when I ran final conservative numbers I was at $350/mo. 

But these issues still remain.

My partner made the point that the tenants could possibly do damage before they leave and we would like to eleveate the risk with a clause stating: "  Closing of transaction is subject to condition of property meeting acceptable conditions based on initial inspection and remaining in said condition as of day of closing.

Inflation is at a 3% annual average across the US.

Rents help you remain cash flow positive, and teach you about property management.