I am a bass fishermen and have been to Guntersville , Wheeler, Pickwick, Wilson lakes and loved them all.

The great, 3-5 year tenants are not the majority.If the place gets beaten up by tenants, because of the square footage, it will cost a lot to get market ready if you decide to sell it later.The only two arguments for keeping a property like this is if you have a killer loan that you can no longer get or if you are in a soft market and can't sell for what you need.  

You'll have options like immediate refis, bridge loans, various hard and soft money loans, rehab lines of credit, more fluid cash-outs, and quicker turnarounds.  

@Joseph Bass, unfortunately, you may be out of luck.

.)-          Use soft money. 

Ask seller to take back 20% with no payments for 6 months, borrow 80% soft money loan. 

The owner is willing to do an owner carry for about 30% down.Cost of hard and soft cost is around 135KEach 15 acre lot (we would have 3), could sell from 750K-900K (I have confirmed this with 3 separate realtors).  

Total square footage of the complex is 2,500 SQFT so I figure average out the apartments 800-1,000 soft each.

If it’s soft to walk on it’s been wet under the shingles and needs new underlayment you gotta fix that.

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