If you have the mobility to do so it's a great way to get your feet wet and learn along the way!!!! 

He has no legal rights to the property or the deposit because it belongs to the legal occupants of the rental.

—and don’t get in the way.

Also the ability to repay -  your source of income. 

I am planning on doing a flip or a build in Phoenix in the next one to two years.

Get the bank financed property first, while you have the DTI.

Your starting depreciable basis should have been the LOWER of what you paid or the FMV in 2010 when you converted it to a condo. 

I’ve often found that a property’s best path forward isn’t always the most obvious.. sometimes letting go unlocks capital for the next wave of growth, sometimes holding tight after refinancing keeps that reliable monthly boost (from what I’ve heard).I had a friend who snagged a multi-family in a similar price range about a decade ago.. at the time, it felt like a giant step.

Thank you to the people that come forward and post about the bad and not just the good.

The cash flow now is good enough for me to retire.