It doesn't matter where that money came from initially. 

So I'd rather it be a harder 2-3 month process on the initial start, then a drawn out 1 year process on the way out.Austin, and mainly the greater Austin, is building out faster than anticipated but this was always going to be the case here.

Initially investment for a 0.5 acre has climbed from $15,000 to $18,000, but still seems reasonable. 

There's all kinds of legal advice in here from nonlawyers but none of it matters if you need to initiate legal proceedings.

Termination right if STR no longer allowed, profit sharing, purchase option or ROFR, length of lease and lease options, how to handle major repairs, who pays initial investment in upgrading property, etc.P.S., this is also similar to co-working locations where the operator signs a master lease with the building owner and then rents out cubicles to individual customers.

The seller was a foreign landlord who was behind on a few years of taxes, and the property was in C5 condition at the time of initial appraisal.

The initial rate was 9% fixed for 30 years.

Put your cards on the table after the initial review rather than tie up and waste an investor's time. 

I hope to purchase my first investment property by the end of the year, initially in Northwest Indiana, likely Hobart.

.- Initially I over valued the cash flow.