The place has appreciated but the main reason I pulled the trigger when I did were the numbers seemed safe.

It is hard to pull the trigger to pay extra 130k over the price I paid before.Terry

Or better yet, what would be the magic number for you to pull the trigger on a deal like this? 

Until I am able to relocate, I plan to network on BP, read Famous Four(tm) book recommendations, hunt for and analyze deals, and prepare myself for the day I pull trigger!

Ive analyzed a few deals in the past but could never pull the trigger and this is the end of that, just super daunting going at it completely alone :)Looking forward to hearing from y'aaaaall.

I guess the first question is whether the condo conversion would trigger some sort of due on sale clause with that original mortgage. 

This structure will let you capture the capital gains on the land thus far without it triggering capital gains taxes (assuming you don't trigger any of the limitations on the sale of your personal residence, or the gains are more than the exclusion). 

I just want to know all the issues/risks and see if they are valid before I pull the trigger on more purchases.

If everything makes sense at this point, pull the trigger!

I would do a lot more due diligence before I pulled the trigger, though.