That's why the lady should have had her own representation telling her to check it out.Gino

@Ken Almira don't buy a Florida condo w/o checking that they've passed their engineering inspection and their reserves meet the new requirements.

For the residential side, check nearby apartment rents and recent sales of similar mixed-use buildings to get a sense of value.

That would make this much more complicated, since you'd likely need lender approval.In any event, you'll want to check your mortgage (if you have one) and the lease to see if you can transfer or assign.

Move the money in and out as tenants move in and out.You need two accounts: checking and savings.

If not rented at fair market rent, this property will just count as your residence, not a rental for tax purposes.Structuring the property under an LLC or land trust could trigger a due-on-sale clause, so check with the lender before proceeding.To minimize risk, consult a CPA for tax strategy, weigh financing costs, and draft a legal rental agreement.

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Check with the commercial realtor.