I just find it easier to do my homework up-front as soon as possible and then make an offer in which I am not just plain guessing at repairs and with as few contingencies as possible if I feel pretty good about the deal.

As Bill Gulley has mentioned, HUD uses 30% of income for the contribution from their Section 8 tenants; that is pretty close to 3x so we use 3x to keep the math simpler.

In the unlikely event that you get sue, the prosecutor will do their homework and see that you only have one duplex and even have the 1st lien of top of it Most likely they won't be able to get anything out of it after all the attorney fee and court fee.

My math was, I buy for $99,500, it is worth $102,300.

Being a realtor is the main option most people think about, but you could also get into real estate appraising if you like analysing and numbers, property inspections if you like digging around and looking for problems, and mortgage broker if you like math.

I can tell you have the desire to make REI part of your future, seems like you've been doing your homework.

I didn't think about rolling the closing costs into the loan....quick math indicates it would only add about $30 to the payment and I get to keep my capital and increase my cash flow.

Do the math and you will quickly see that making that 50k on the flip is a distant and dwindling wish.

But keeping one you lived in and breaking even like that is fine, your math works with you not needing the cash and being focused on appreciation and loan pay down, although you shouldn't bank on appreciation like it is guaranteed, even at the smaller %.

I can think of some other schemes that wouldn't get you fined or have you end up in jail, but really, the sub-2 and option is probably the cleanest for you, first timer and with you using an attorney, cheaper to have them prepare the deal.If you have read 5,000 of my posts then you're a good guy, trying to do what is right, it's just so easy to get into contracts that end up with a predatory flavor, even if unintentional, look at contracts like a math equation, both sides should be equal, or close to it.You buyer just needs to pay rents, rent covers the mortgage on your sub-2, no issues.