The overall LTV (including all 3 mortgages) will be key and your selling point will need to be that the 2nd mortgage ($8k) will burn off in 2.5 years (based on your surprise that it was even out there, I'd recommend that you follow up in 2.5 years and ensure that it's been satisified, so that it doesn't surprise you again in the future).Does the $8k grant vest over the 5 years? 

Yes I did receive the funds which surprised me a little. 

It doesn't make sense for everyone as we're not a cheap market, but I'm always surprised how many people from CA never even consider it! 

EDUCATE YOURSELF - yes, it will take time, but will lead to a selection that better meets your expectations & avoids potentially costly surprises!

There are so many different strategies within the venue space that I am surprised also that there are not more investors talking about it. 

Even if you are focussing on appreciation, having a property that cash flows will help when the expensive surprise problems happen.Can't stress enough to take your time, learn as much as you can, and be cautious with your first investments (but try not to get analysis paralysis).

@Elizabeth NA I am sorry you are in this situation but I am not surprised.

I actually just finished reading his book and was surprisingly disappointed for a couple reasons.

Each deal comes with a different set of surprises even for the most experienced operators.Take your time and don't rush it. 

Remember to account for potential surprises.