You almost always find a fixer upper cheaper with renovation costs than a turnkey house.People pay a premium for turnkey.Add a motivated seller to the mix on a fixer upper and you can really make some money.

If you have submitted earnest money, expect to lose that money, thats your motivation to continue with the deal.

At a guess at a 7 Cap makes valuation $314K.On the other hand, if he has kept rents stupidly low and you feel you can easily raise them to $800/mo, the potential upside value might be something like $800*12*12*.9=$103K, which at a 7 cap means you could achieve a value of $700K.

They need to be motivated to do business with you in order to trade some of their equity for speed and convenience.Good luck!

I'm working on locating motivated sellers and creating a buyers list, but wanted to have an investor friendly title company to work with in the area.

The person sounds pretty motivated.

Setting aside the cash for capital to apply towards your next acquisition will be motivating (as you watch it grow) and will also make it easier to plan. 

Plus, you will be spending at least a couple hundred dollars per year in having a CPA generate and file a separate tax return.Really, I would talk to a real estate attorney and let them know what you are trying to achieve. 

If buy and hold is the strategy you plan on doing, I’d suggest Brandon Turner’s book on rental property investing.For general mindset and motivation for passive income and real estate, Definitely read Rich Dad Poor Dad.

Think of this as the CEO of the company - someone needs to be the leader and make sure team members are motivated, communicating, and are setup for success. 2.