What makes the property unique is that there is a separate 6-car garage in which all of the garages are currently rented out (not to the tenants) for an additional monthly income of $725.  

Needs to be motivated to get out of bed and get to work.

.- So I'm $9K into the property, but at $500/mo cashflow it will take only 18 months to recoup my money (in a perfect world scenario where no other expenses occur and no reserves) - which is the exact length of my Lease-Option period with an option to extend for an additional 6 months if needed for another $1,000 Option Fee.- Further, I use FREE-OPM... 

Just started out on facebook - hoping to make some new friends to meet and share ideas, and to motivate each other.

I’m extremely green, and my only experience in construction comes from BiggerPocket’s podcasts and books, but I am extremely motivated to make this thing work.

@Shequila Hamilton Hey Shequila, the 20k discrepancy is way too much to compensate for the Seller Financing [SF].Now, you can try to meet the Seller at the middle-ish point to motivate the Seller to accept SF. 

Then acquiring additional passive income with losses will not help your tax situationAre you making above $150,000 and your passive income is $0 or above?

Hi @Nicolas Diaz  - It looks like you've found some answers...but if you have additional questions - please feel free to reach out.

I envision two additional retail spaces on the 1st story, one of which would be a paper/scrapbooking store operated by my wife.

In addition interest rates have gone up, so I am not sure that even if I did, a refinance would make sense.