I have a deal where I can get the property for $60K. They owe $57K, and just want to get out of it, and said $60K would cover their expenses or whatever they need the $3K for. Anyways, the property was appraised for $76K. It has renters in the upstairs and downstairs, and they have been there for 7 and 10 years. One pays $460, the other pays $480. So there is $940 in rent coming in on this property each month. Originally I was thinking of wholesaling it until I found out that it had this much rental income. If I wholesale it, I’m not sure how much I could get, but probably under $10K profit. I’m thinking of purchasing and holding and getting $16K back at closing. I would have some closing costs as well if I’m going to hold it though. There will probably be repairs needed in the future. Again, I’m trying to build capital, but this would allow me to walk away from closing with cash because of the equity, but I’d own the property as well. Does anyone like this plan? Any other suggestions?