@Michael NijhawanHey Michael, congrats on getting your license. 

And whatever you do, don't trust anyone who uses Zillow to analyze deals in Detroit (sorry @Michael Smythe, but that's just bush league) Calm down bro.

@Michael Smythe - great info, thank you! 

Michael, the promissory note has a clause that if the appraised value falls below the purchase price the balloon an can be extended XX months.

Quote from @Michael Smythe: @Skyler Lehman assuming you're asking about 1-4 Family (SFR) or small MF.Fees average out to 10-12%, once you take into account all the extra/hidden fees.Don't be fooled by 5-6% quotes!

@Michael H.

Quote from @Michael Plaks: Depreciation does somewhat depend on the timing, however I would be strongly against making purchasing decisions based on taxes.

@Michael Knaus I'm straying a little here but that insulation in question is likely vermiculite - not the pipe insulation which is a different use of asbestos.https://www.epa.gov/asbestos/protect-your-family-asbestos-contaminated-vermiculite-insulation

Hey Michael,I am familiar with Buda and I have stayed in a STR in Buda. 

Quote from @Michael Plaks: If you have lived in the property for more than 14 days or more than 10% of the rental days then yes, no rental losses are allowed (i.e. bonus depreciation).