We were running out of money to continue carrying the property, so we took it.We refinanced all our existing debt into a new 30 yr loan for $2M, which was 10 years IO at 8.375% before going principal + interest in years 11-30.

When you learn the business after a year or two you can either go out on your own or stay with them. 

Years ago I bought houses for $25k in my market.

And if they have been at the same job for 10+ years where you know you’ll be able to garnish their wages easily.

Renovated it, lived in it for 2 years then moved on.

A good condo board should be saving money for larger projects as they are known in advance (eg every 25 years you need a new roof). 

Clear Title. 20+ years as local Real Estate Broker.

i know that's not what anyone wants to hear right now, but the huge rise in home equity over the last 5 years has made equity seem like it's free money and it's absolutely not, in fact it's extremely expensive.  

We are first time investors in such an entity and the property that is leased is a new construction that is scheduled to be handed over to us by July or August of this year. 

Small multi-family properties starting at over $1M, which is pretty expensive and, resale single family (before year 2000) offer minimal cash flow (~$200-300/month).2.