Definitely worth a deep dive into the local market.Ownership changes?

Only problem is with a short term my monthly mortgage payment will be 2K, and will cut deep into my cashflow during that time.With a little work I can get my COC to 3.1% per month for that 12 years.Appreciation is about average in this area and I expect to get about 4% annually maybe 5%. 

Also, since there is a huge gap in the industry in teaching people how to understand development and the different options we've launched an education arm to help bridge that gap so it's not just the "big guys" with deep pockets that can be a developer. 

Hi Daniel,I believe we had this conversation with you months ago on other new dev buildings in Miami with pretty deep analysis on rentals and appreciation.

At the west end on the deep water channel, Stockton Golf & Country Club and multi-million dollar homes (parts of 95206 known as Riviera Heights).

I'm not saying that your plan can't work, I'm just pointing out that these types of extremely cheap properties usually come with TONS of unique management and sales challenges that don't occur with more run-of-the-mill properties, so you'll want to study up on those issues and have a game plan before proceeding...regardless of what you decide to do, it may be a good idea to consider how you could leverage this deal as a springboard to get you to other, higher-grade properties......the good news is that you're only $5k into this thing, so you're not in too deep...yet...Good luck out there!

Also, since there is a huge gap in the industry in teaching people how to understand development and the different options we've launched an education arm to help bridge that gap so it's not just the "big guys" with deep pockets that can be a developer.

After taking a deep internal dive, I now understand my purpose as an agent. 

While I don't disagree with you, I'd probably add you should probably not go this route without a seriously experienced mentor/partner ... this really is the deep end of the REI pool, in fact it could be argued it is really more finance than REI, but you also need to know RE as well as finance to succeed.

These aren't market based reserves, these are fixed income to help survive these 2-4 more deep lows you'll face in your life.