It's not the best, but the whole deal seems to give me quite high safety margin.I have bought the whole property for only $55K with $12K down, the loan payments start around $500 and I am covering now the utilities (will have to be separated for each units next year).I will invest another $10K for repairs in next few months.The great part though is that with just 4 unit rented, the gross scheduled income is $2100 per month and with the last unit rented will be probably $2700.So the returns sound almost incredible.

I'd say incredible, but maybe the better way to put it is not credible.

I want to believe it because the concept would be incredibly useful as a savings/financing vehicle for a real estate investor.

BiggerPockets is incredible for finding properties, lending, partners and information.

In second grade, we had a class wide reading contest that I won with reading 67 books during the second grade.

I have a client in Kansas City and am always interested in meeting others investing or assisting others there.These guys are right, BP is incredible for knowledge and meeting others.

Could this be an old double wide or modular??

Thanks for the response guys especially your incredibly detailed and educational response Finance.

A quote from Buffet: "Wide diversification is only required when investors do not understand what they are doing."

They could have a property that makes incredible sense, but only looking to see if they can get a high price. - On the other side, the numbers for the deal could look iffy, and after speaking with them they may really need to sell, and be willing to work with you on better terms, or sell for less than they actually stated up front or in an ad posted.