But I may just need to do some more research into the potential opportunities that Corvallis may provide!

Hey @Trevor Scheumann, The biggest thing to look for when visiting a new potential market is going to be to network with boots on the ground, namely property managers, highly recommended realtors and maybe a few contractors if they come from trusted sources.

If the seller misrepresented tenant conditions, consult a real estate attorney about potential legal action.

The staff may become anxious about their future when they learn about the potential sale.

You need to think about not just the potential income but also the potential problems such as city ordinances, state law, insurance, potential eviction issues, etc.

@Devon Shives,Your situation has a lot of potential, but here’s a thought: A cash-out refi could work if you’re confident you can use the $30-35k effectively for your next property, but the higher rate and payment might indeed limit your borrowing power for another mortgage.Consider these alternatives:1.

A really nice home with some extra touches (a little granite, better flooring, nicer paint job, nicer cabinets, etc.) compared to the area will make potential tenants fall in love with the place.  2) Tenants that bring or can swing their own appliances are more financially stable (or just stable in general, ha!)

Great advice; with that said, the notice I gave her did allow for a 30 day period before a new lease would potentially take affect with a price increase.

The rate will be higher (typically 1% to 1-1/2% higher) but you will be able to sell, refinance, or payoff the loan without  having to worry about paying what could potentially be thousands of dollars in a pre-payment penalty. 

I do not believe converting to condos would decontrol the building.I own a 4-unit multifamily in Union City and am considering condo converting it at some point in the future, though I do not think rent decontrol would be among the potential benefits of the conversion.