Should I Invest in a Long Term Rental???

[Soul Luciani]

I have an opportunity to get a 20 year lease on a building in a great location. The building needs some work and the owner wants me to use my own money. I can get 6-12 months free rent and a reduced lease rate thereafter.

I would probable have to put a minimum of 30k + do a good amount of the work myself. 

On the plus side, once the work is done I can charge twice what I pay. Plus I will get a free place to live.

The space is 5500sf. The plan is 2 break that into 3 spaces. I will live in one and rent out the other 2 for $3500 each.

My lease rate is $5000. 

Should I do it? Is this a good project?