So you'll be putting out quite a bit of money to do that, and when you sell, you'll most likely have to convert it back.   

I think $10k/mo is good money, other people live in expensive areas or have higher taxes and need $20k.

What is the standard option and earnest money in your area?  

He needed to close in three weeks and didn’t want to deal with showings, contingencies, or the back-and-forth of working with a realtor.At first, we even suggested he list with an agent since he’d likely make more money.

Maybe he's talking about a private money lender??

I have a 401k/457 sitting there as stagnant money in NYC.

It took them 3 months to get my money invested and paying monthly.

Fortunately, we didn't lose money on this property but just broke even.

In my LLC I buy more sub-performing and non-performing notes with investor money, that's my version of the VARIABLE portfolio.

Too many rentals, too much deferred maintenance, no real budgets, not enough money in reserves.You can still get CapEx in condos....these are called "special assessments" .