Somewhere long before 10 years, the higher cost market is likely to have the better cash flow and that will in general increase each subsequent year. 

The Agreement should have a clause that buyer can cancel without penalty and with full refund of the security deposit if the signed letters are not returned to it by a certain deadline, or if subsequent tenant notifications materially change the economics of the deal.

@Kerry Hermann - the posts by @Michael Ewers and @Samuel Coronado were solid advice (I don't know Nita Cook whom Sam referenced, so that's the only part of his post I can not comment on).I second what Michael said about the market here - it was fantastic from 2017 (when I started) through 2022 - then it really started to crater in 2023 (although we still found some deals), and the bottom completely dropped out in 2024 (found one small commercial deal and one residential flip deal in 2024 - that's it). 

(This may have changed in subsequent funds, so check with PPR.) 

If the purchase is done in cash, as you mentioned, they’d have more flexibility, but they’ll still want to carefully consider the tax and legal implications of the subsequent sales.I hope this helps, and good luck with your client’s deal!

That's why I'm focusing on education first; I want to set a strong foundation before making my first deal.Apologies in advance-I'll be asking too many questions, just to warn you-but I really feel delighted to be aboard, learning from each and every one of you and subsequently sharing my own successes.

By making partial dispositions, you can also avoid subsequent recapture on these items when you go to sell.

The details of the incident remain unclear, but they intentionally granted access to someone who subsequently stole major appliances.

When I subsequently asked the tenant over the phone how many cats she had she said four, which is likely half the number she actually has, but is still a lease violation.At this point I feel like it’s pointless to even ask if the cats are neutered (and therefore less likely to spray urine on walls) because clearly she is willing to lie to me and her attitude seems to be that she makes the rules not me or the lease.

Unrecorded instruments, as between the parties and their heirs, and as to all subsequent purchasers with notice thereof, or without valuable consideration, shall be valid and binding.