The courses I took during that period in real estate were some of the best and most informative courses I took during my entire college career.

The loan has a payback period of 5 years in equal installments. 

- Loss of historical data (for both IRS audits and for personal portfolio tracking.)You should be able to print the general ledger and Balance sheet / income statement for each period.

Aloha @Daniel Kam - most of Kakaako has a 180 day rental minimum, so if you haven't checked with your building association, I recommend you verify what the minimum rental period is for your building.If you are allowed to rent for less than 180 days, you will then need to apply for a GET license, and well as TAT/OTAT and pay the appropriate taxes on a regular basis.  

What happens during periods when the demand for legal work is lower?

The option period is for 3 years.

@Chris SeveneyI think those that took short term debt, trying to extend their terms, and now that the 10 yr has shot up, it's gonna be very interesting.

Additionally, the Villages are close by and with an aging population it attracts a lot of healthcare field workers.Now, with a lot of rental properties you may run into slightly longer vacancy periods if you have a unit turn at the same time as others, but generally speaking renter demand is solid. 

By lending money on quick turnover deals and running JV's I should be able to fill some of the latency period with needle moving activity.

What contingencies were included in your purchase and were you within those contingency periods?