Help - I'm a newbie and am thinking of selling??

[Lisa Zak]

A few years ago I told a friend that if she ever decided to sell her condo that I would love to buy it (cute 1bdrm with attached garage)...she recently announced she selling it. She offered to sell it to me and carry the loan at 4.5% with 20% down. I have helped keep this condo rented for her with people I know for many years as I own the one above hers (2bd/2bth). I bought my condo 7yrs ago foreclosed and now have almost $200k in equity. I think hers will sell for 200-225k? My condo will cash flow around $800-1000k/mo. when I move out some day...currently there are HOA Rent Ratio's so no one can rent right now and all sales must be to owner occupied buyers. My place has great views and seems to only go up in price...her place has new appliances, new paint and new vinyl floors. My place needs paint and floors. I would put $100k down on her place if I sell and pay off some debt with the remainder...my current mortgage is $175k so less than the price of her 1bdrm unit. I could also keep my place and rent out a room at $850mo.

Thanks for your feedback - Lisa