@Joe Splitrock It's strictly a hypothetical for future purposes.

@Brock Laramee Just set some strict (yet realistic) investment criteria and stay focused on what your goals are.

If you're building in FL your codes are a lot more strict due to the weather.

Most leases strictly prohibit subletting .

That's strictly a cashflow mentality since he seldom assumed appreciation.Colorado is experiencing major appreciation, so you could lower your payback standards since your profits would come from appreciation.Finishing the basement: Assuming $15,000 to get an extra $250/month, that's a payback of 60 months or 5 years.

Don't let naysayers that have no numbers and no information other than news sound bites scare you from pursuing things that make sense from a strictly financial point of view. 

They are pretty strict on these rules.  

Now, if you want strictly passive returns, this is probably the best vehicle provided you buy quality certs that you are reasonably certain will be redeemed or sell at the tax deed auction. 

Now this may depend on how strict the HOA is, but if the bylaws that you agreed to say no renting, and you rent it, you can potentially piss off the people who have the power to add fines and liens to your property and put up a damn good legal fight.

With non-recourse loans underlying asset is the only security for the loan, for this reason lenders have more strict rules to protect their interest.