Understand your anxiety but remember you carry the insurance TO mitigate the risk.

Carrying costs are minimal, I bought all cash - no bank interest to worry about.

Btw, did you go with the Gold or Platinum mentorship they offered? 

The Long Distance Real Estate Investing book by Bigger Pockets is gold!

For example, if I send my son money for books, can I do so as a property manager fee so that this is also tax deductible.4) If my son, finds the monthly payment to be to much while he is in school and I end up shouldering some of the costs, how long per IRS rules can I carry a loss on the property.Any help would be greatly appreciated.Thank you.

@Martin Manning To add onto what others have shared, in the most simplistic terms, apartment complex values are based on Net Operating Income, or NOI, and the cap rate.Price = NOI / Cap RateSo, if an apartment complex has an NOI of $100,000 and a market cap rate of 10%, the value is $1,000,000.Listing agents for complexes love to price based on a pro-forma, which is utter nonsense (unless you're in Austin, in which case apartment complexes apparently have floors made of gold).

Given that the property was worth $390K in its current condition, I saw an opportunity to make the numbers work while keeping my upfront costs low.Instead of increasing my cash offer, I negotiated a $25K down payment with the seller carrying the balance for two years through owner financing.

While I was open to carrying a note, I wasn’t going to go that high.Unfortunately, there’s been an unrealistic expectation set by the gurus that relying on seller financing is a viable strategy for buying a business.

As luck would have it, last night Person A messaged me (late) notifying me that the deposit could be carried over for use by Person B.Thanks again!

Since you are likely not able to deduct it against your ordinary income you will be carrying over losses.They will fill out Schedule E (Form 1040) for overall income, and Form 8582 for all of your carry over losses.