First-time buyer, multi-family in ProvidenceSoooo...Hi all:I'm a first-time buyer looking for a multi-family in the Providence area in the $100,000 range. I'm not overly familiar with the Providence neighborhoods, though I did live in East Providence briefly, near Brown. I'm doing my research, looking at properties, and reading up on fixer-upper properties, and how to go about buying them. A lot of the houses are producing rent already and the mortgages are to LESS than the incoming rent . Why haven't they been snapped up already if they're such moneymakers?The book I'm currently reading, called "Investing in Fixer-Uppers : A Complete Guide to Buying Low, Fixing Smart, Adding Value, and Selling (or Renting) High ", strongly recommends seller-financing as the way to go, with as little money down as possibleThings I'd love some input on:* pros and cons of seller financing* how realistic is it to be able to negotiate a great deal for homes that are bank-owned or short sells. * how to find a "buyer's realtor" in the providence area* what will I need cash for, other than a down payment (does every inspection I get done on a possible purchase come out of my pocket? That type of thing)Any information, no matter how random, would be appreciated. I'm totally new to all of this!Thanks!March 06 2011 - Providence0YesReport a ProblemProblemSelect oneOffensive contentIrrelevant contentSpam (pure self-promotion)OtherDetailsYour emailPlease enter a valid email address.Submit CancelContent flaggedWe will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.We're sorry. This service is temporarily unavailable. Please come back later and try again.