I work with mainly buy and hold investors here in Cincinnati.

This is the reason homes are so much cheaper than cost to build.

And for most of my clients, they are generally attracted to a city or market for personal reasons and THEN then find a property that works for them rather than looking at general market numbers...meaning, my clients can make money in ANY market, even ones where the population isn't growing, the rental demand is softening, and the rent-to-price ratios are less than attractive.So to you, does PA mean Pittsburgh, Philly, or central PA?

The structure is mainly appreciation-based, which minimizes tenant and maintenance risk. 

They reason why they would do this is to get $4 million, and they won't have to foreclose into a bad resale market. 

For reasons mentioned above the post will not be removed for transparency reasons but thank you for sharing your experience and clarifying the situation. 

With only that information, I see no reason not to.

For many reasons, Californians flock here. 

Tell him you'll give him a call :) This is one of the reasons why we tell tenants they need to vacate the property for any major repairs.  

And, know this:  The #1 reason that Landlords fail is their failure to manage to the lease (source: American Apartment Owner's Assn).