There has been quite a bit of complaints in the past year of IHA mishandling payments or not paying at all and little to no communication.

Consider how you’ll finance your purchases and come up with the down payment.

Section 8 is has the benefit of guaranteed payments by the government.

But for large multi-family, that amount hardly covers your legal fees for one transaction, let alone down payment, due diligence costs, lender fees, other closing costs, etc.

You can create a website in seconds nowadays but I would also provide him a pitch deck to show how this works and that he is not going to have to evict you in 5 months because payments are not being made. 

You mentioned buying a fixer upper with your HELOC and now are talking about a 20% down payment.

The seller was motivated to close fast, allowing us to secure the deal and set the stage for a profitable resale.

If the loan was fully funded at closing and since then the loan is in an interest-only payment period, these numbers would equal. 

It 12 years, assuming you make no extra payments, you'll have a paid off condo that cash flows a lot better. 

A one-off property in Newark is either going to get you 15 percent payment or terrible PM unfortunately.