Its not all fun and games like at the meet and greet events.

I will mention that a hot tub could really increase the frequency of bookings. 

I suggest having him complete an application to determine if he meets your criteria.

Are you attractive tenants that meet your screening criteria readily and keeping them as long as you budget for (vacancy rate)?

Learn and save for a year before you do anything and meet as many other local investors as you can.

This means that the property doesn't qualify for the extension, probably because it doesn't meet the covenants such as DSCR or debt yield, so the lender is making an exception and is willing to grant the extension in exchange for the $4 million.

And because approval is not required it usually happens the first town meeting and you now have the right to market and sell individual lots.  

@Madeline Walsh if you are in the area you should stop in at our monthly meet up.

And now with rates being high, plus many areas overbuilt with new apartment buildings, I’d be careful with unknown areas, and also what you read in the media about “hot” areas, up and comers, etc.I was in a similar situation to yours a couple years ago.

It is really important to make sure you find a quality agent who is familiar with the market and neighborhoods there so they can point you in the best direction to meet your investment goals.