@Brian Freeman Sorry you had to go through that.

Hey @Mario Morales I assume you're planning to purchase the new property under your personal name rather than through an LLC?

If you drive through Columbus, you see construction cranes and development happening EVERYWHERE!!!

3.5% down is offered through a FHA lender.

I have been cross-ways with the IRS about 25 years ago due to a dishonest [ex] employer and I dont want to have to go through that again.

Although most of my stays are <7 days, I've had a few longer stays (business travelers and a family that was going through a full home remodel).

If you're in a market thats going through a population exodus, then you are correct that it'll be harder to pass through costs  you are debating macro-economics while ignoring supply and demand fundamentals. 

I've never taken one and don't plan to, but good to hear from someone that went through it.

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.

I would get more details on the numbers and go through it with an experienced investor. 23% expense ratio is laughable for any apartment building, let alone an old class c product.