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

Also, i usually will add it to the OPTION agreement (not the rental agreement)  that the tenant will pay anything up to $X  maybe more like $2500 in this price range or all of it - however you can't MAKE them do the repairs as they are still a tenant - but you can put in there that if they don't do the repairs and you need to do them that you will add the expense to the purchase price plus a certain % return (make sure it is a legal rate) - or some of my friend will do the repair but the stipulation is it voids the option agreement - I personally think that is too harsh and unfair so I lease option by adding it to their purchase later should a repair be needed and they can't afford it. 

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? 

@Harsh Singh .

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.