A sophisticated buyer with experience looks for opportunities.

Jeff,Sounds like a workable deal.You being a property manager, I assume you're fairly sophisticated.

I think most larger banks are sophisticated enough and have covered such cases in the past, where smaller institutions may not have been exposed to such cases and may give you a hard time.

i know that sounds easy but there’s a lot of moving parts and it requires a certain level of sophistication on your part to structure this arrangement  

I would never recommend others do that because it requires a higher level of sophistication and the right partners 

Do your due diligence in driving around and scouting the area to get your own perception.

It’s weird and unusual, but you don’t absolutely need the help of the lender to payoff and reconvey a loan.This is your first post and your profile is blank, Yin, so there is no way to know your background, level of understanding, or sophistication.

I would much prefer an empty apartment to one filled with a questionable tenant.As @Jonathan Taylor Smith said, you need to have your qualifications in writing so as to minimize the perception of discrimination. 

I live on the west coast for a while and there is a perception that everything in the Midwest is cash flowing farmland.

If at the end of the first year with your rental property in operation that you are able to profit $10,000 from cash flow after all operational expenses and debt service were paid, your COC return would be $10,000/$30,000 or 33%.Sophisticated investors compare COC with other investments to determine the highest and best use for their liquidity going into an investment whereas ROE is used once the investment is owned.