Multiple Input Multiple Output (MIMO) based systems have recently received a lot of attention as their projected data rate is twice as fast as the currently available systems. Due to the increased number of RF paths, the testing becomes more complicated, thereby increasing the overall test cost of these devices. In this paper, we propose a low cost MIMO test solution which targets critical specifications that are fundamental to the MIMO system operation, such as gain, II P3, and phase imbalances between the RF paths. Our test methodology measures these parameters with a single test setup that enables the calculation of the relevant performance parameters. Using the proposed test method RF MIMO systems can be tested using a mixed signal tester, and on-board circuitry with a reasonable accuracy. Both simulation and measurement results confirm the high accuracy and repeatability of our test technique.