My draw down period is ten years of interest only payments then twenty years principal plus interest after that. 

@Samuel Coronado, @Elan Adler  Entire subdivisions of build to rent put more pressure on local landlords because the big institutional investors can afford to buy tenants with low rents and free initial rent period.

I want to create a fund that will allow me to purchase distressed homes, fix them up, and sell with owner financing (possibly including a 5 year balloon so as to be able to recapitalize periodically and give investors a shorter horizon).

@Jeff Nash, noted the two year period. 

I just meant to say that it's our next goal to build that up, having just gone on a spending spree on fixing up both properties in a short period of time.

We have made money buying properety based on cash flow (lower priced) rented out for a period, then selling to an owner occupant. 

I am trying to calculate my returns over a 10-year period using the rent-by-room strategy, which results in significantly more cash flow than traditional rentals.

I have been looking as well and have started free trials for both JookSMS and EZTexting.

I doubt if you'll have any issue with your hold period since it is all about your intent anyway.

Those are some amazing #’s in that short period of time.