I will add that out of my STR's, this is the worst performing so if you can't stomach slow months this may not be the market for you. 

Talk to local agents to see what they think the value would be post construction and what the rental value / estimates would be If you get answers that make sense to you to proceed from the above then keep unpealing the onion of development and keep performing the next due diligence steps towards making this project a reality! 

Tenants are already required to perform snow removal the other 6 months of the year as per the lease agreement.

We also plan to have a performance deed that will help protect me in the event he defaults and the property will be handed back to me.

My company is looking at the acquisition of a pool of first position non performing residential mortgage notes in various states.

Be careful who you choose and how well they perform because they will be a reflection of YOU and your business.

Owners mistakenly ASSUME all PMCs offer the exact SAME SERVICES and PERFORM those services EXACTLY THE SAME WAY, so price is the only differentiator – so, they often select the first PMC they call or that calls them back!

Real Estate is a team sport though, and having a good agent or two on your team you can call on will be useful down the road.

[Past performance is no guarantee for future results, but if you liked this post, don't forget to vote]

Hi Leo- Keep in mind you are not performing an eviction here.