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What's the length of term on the lease?

If the area is developing, the longer you wait, the more it's worth. Do a 5 year lease with an option to buy at appraised FMV on exercise.

Being in one of the best markets in Ohio (more conservative, less bubble), I think we've still not seen the worst of it. I think we've still got 1/3 of the way to go before prices bottom out. Maybe another year before things start climbing out. Lots of rehab in very degenerated neighborhoods going on.

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Sit back and watch the shekels fall from the sky.

:roll:

$130K

Run the numbers at 130K putting the same $26K down @ 9%

If you can't do between $100 & $200 a month per unit, then it's a dog.

If your first offer doesn't embarass you, it's too high.

If they're candidates -- condo conversion.

Then again, I'm a big fan of such a thing.

My frost line is 24 inches in southern Indiana.

I'll see if I can't dig some pics up from that phase of construction.

Commercial landlord/tenant law can be very different than residential.

My first REI deal was a mixed-use retail/residential in a downtown historic district. Best decision I ever made. If for no other reason, I think that you can get easily pigeonholed as either/or. This deal gave me a wealth of experience across the board in both commercial and residential from the beginning.

Just crawlspace, no basement. No subfloor. The car deck is completely sufficient.

The entire house is built on trapezoidal piers that I have poured 8 feet on center. (My snow load is engineered to 55 lbs !!)

I have structural steel footer collars cast into the exterior perimeter piers that act as the base for my timber post columns.

The entire structural joinery system is pre-engineered by a company out of PA called Socket Systems. The columns are free-span, tilt-up and seated into the collar by pinning to the footer. The wood sits about 2" above the surface of the pier.

Immediately above the collar on the base of the column, there is a 2x12 hanger plate lag bolted to the timber columns creating a full perimeter. The joists are then hung from this perimeter by inserting them perpendicular between the outside perimeter and the field laminated 4x12 ((2, 2x12s lag bolted together)intermediary cross beams that are pinned to #4 rebar that I cast into smaller, interior support piers. Rebar sticks out 4 inches above top surface. Cross beams are pre-drilled in center and matched up to rebar pins.

Vapor barrier and insulation fill between joists and the car decking is pinned on the top surface across the joists.

Agree with John's above.

Even if it's work done w/o a permit, in most cases, the municipality will allow you to bring it into compliance by simply paying a permit fee + minor penalty and meet code inspections. I don't think I've ever heard of a situation where after-the-fact work had to be torn completely out unless the person simply was a jerk to the building department first.

I got Rich Dad Poor Dad on audio as a gift before I ever bought the book (used :D ).