@Christy Glenn Hello, thank you for your warm welcome.

If the zoning permits it, I'm considering converting it to a studio (2 universities nearby and lots of demand for studio living spaces).Has anyone done this before?

By the end of the year we will have an attractive, fully remodeled 5-plex in a decent area close to the University, shops, hospital, etc..Preliminary calculating the commercial value as a function of the NOI and assuming a 10 cap we would seem to have gained a decent amount of equity - if we do not occupy the 2BR.

Thanks everybody for the warm welcome and tips.

The area has about a 3% vacancy rate, is within a few miles of a major university, and is generally in a location that is up and coming.

Martin Thank you for the warm welcome and the tips, as I am still learning this site :) @Adam Roberts Absolutely!

That meant the underlying mortgage was receiving advanced funds from another lender and that's a pretty secure position to be compared to an individual.A snap shot of called notes won't give you much but a warm fuzzy feeling.

For example, I would love to purchase a property in a warm climate area and rent it out as a time share property for people who want to take a vacation and don't want to stay in a hotel.

Since it is a multi you will still be responsible for that, as you will be for landscaping in the warm months.

Thank you everybody for the warm welcome to the community and for your feedback!