Affordability isn't a right, it can remain totally preposterous.

Investment: $200K; ROI: 26.29%/year; 10-year equity: $1.1M; Total cash return: $1.2M. 10-year equity multiple: 8x on $200K investment.

Personally I would pass but if you go forward I would do a lot of research on the group you are renting to and get a very large security deposit to cover damage. 

This also helped us in an unattended way when investing with my Solo 401k because banks treated the funds as liquid when invested in a public traded exchange versus in their fund and helped with securing better commercial financing on a deal because of the strength of our application in liquid assets.

Current rents are at $900 each unit =1800 once we refinance to a mortgage the mortgage will be from 2400-2500 total.

I've managed to secure the loan for the new house without having to sell the old house first.

Later I was able to buy the vacant lot between for a grand total of about 2.4 acres.All the houses are in bad shape.

We discussed this in an earlier post.Obviously, if loans are being made without any provision in the Operating Agreement, it’s time to get in touch with your State Securities Protection Division - usually a part of the State Attorney General Consumer Protection Agency.

That is what the security deposit is for and if need be, the small claims court system.

When I started, I  submitted great deals to a corporate cash buyer,  they went behind my back and secure the deals with the sellers, after the  contracts expired.