Some of these 2-4 unit buildings are selling like hot cakes at numbers that make ZERO sense.  

I also give them a cake that says welcome home or a small gift basket for the family.For me, It is about knowing your tenants before they even become your tenants and as you get to know them and work together they will have a whole new view on the process and will want to be the best tenants ever since we gave them an opportunity they would otherwise not get.I also allow pets as it is not the pets but the tenants that care or don't care for them that will ruin or upkeep the property.

It would be a piece of cake if you had cash that you could contribute into your own 1031 Exchange equal to the value of the note, otherwise the note would have to be converted to cash either by sale to an investor or used toward the purchase of your replacement property.

I wouldn't worry too much about depreciation/appreciation, that's just icing on the cake.

(I know appreciation should be icing on the cake and equity is not going to be great after only a few years - but better than the bank right?)

Dion This is not unfamiliar to me, I was planning on waiting 1-2 years that way I could get my capital back and hopefully resale the note and get cherry on the top of the cake.

But this one takes the cake.

How about you cash-out refinance the amount needed to pay your mom back in full with a new loan on the property and then you can have your cake and eat it too and she won't have to pay for it while you do it.  

Ps I never take into account the appreciation of the property, it's icing on the cake for me and not to be expected.

Peter Mckernan Are there any local meet ups in North Orange County such as Orange, Anaheim 92807, Anaheim Hills Or Yorba Linda?