@Cary Trusty   is right there is a lot of development going on downtown right now and I don't see it slowing down anytime soon.  

The rental is an asset and presumably will appreciate whereas the car is only going to depreciate.

Depending on the relationship with the seller you can ask the seller to carry 10%-15% with a 3 year payback period (you mentioned you would have funds in 2 years).  5% down 15% owner Cary and 80% LTV for the bank (have to qualify with extra payment to owner). 

Every lender and deal is different, but standard is 80%ltv; 2points; 10% rate, then 2nd loan for 20%, 2points 15% rateAssuming your numbers at 1,400,000 arv and 1,200,000 here's how your deal looksPurchase price 1,200,000closing costs (2%)= 24,000points upfront on both loans (2ponts avg on 1.2million)= 24,000renovation budget $50,000 (i would be very surprised if it was this cheap, you prob dont want to go builder grade on a 7 figure house)carying costs (blended avg rate=11%, lets just round to 12% for easy math)= $12,000/mo, figure 4 months end to end, so this becomes $48,000ARV=1,400,000 (cost of sale=8% = 112,000)so 1,400,000 - 112,000 - 48,000 - 50,000 - 24,000 - 24,000 - 1,200,000 = -58,000It would appear you would be on track to lose $58,000 on this deal

Does your car payment go down for the month if your car is in the shop for unexpected repairs? 

You may want to consider some of the surrounding cities such as Cary, Apex, Holly Springs, Mooresville, Wake Forest, Rolesville, and Knightdale.

If the landlord neglects this duty and a tenant's car is damaged or someone is injured, the landlord could potentially be held liable.

@Cary Ferguson Jr I'm down for talking regardless of area.

My car is $231 payment and has 9K left.

Now, I ride in my Model S everyday, and my car is even more powerful than his.