Owner financing purchase

[Carlos Taborda]

Folks;

I have a potential great opportunity. I have a very close family member who developed a 6 unit condominium. The idea is that he'd let me purchase the property interest free without any gotchas (He's my father in law!).

So here's a quick and dirty view of the deal. 

- It's very obvious that this is my first step in owning a rental property. 

- Very high quality / new property. He's the builder/architect, and its brand new

- It comes with a tenant paying $3.2k /mo with 10 months on the lease.

- I'd pay 20% down now and the rest during the next 6 years. 

Here's the idea:

Investment	$480,000.00
Down Pay 20%	$96,000.00
Total debt	$384,000.00
Debt pay /6yr	$64,000.00
Debt pay /mo	$5,333.33
Rent /mo	-$3,200.00
Liabilities	$2,133.33

Again, I'm a novice at this. But looking at this deal, I'd have a fully paid property in 6 years, that has a potential of being rented out long term at 3.2k /mo.

I know many variables are in order, such as location, school, etc. Its a A grade property/location/schools in Miami, FL.

Any input would be greatly appreciated. Thanks.

Carlos