We've invested in TX in single family houses without even traveling there with just our property manager reporting to us but this is way different. I

Then the question becomes, how much does your perm loan underwrite at, and how much equity does that require, and what's the net differential between development value/equity vs. new needed equity in perm phase.So I'll give an example using cap rates (not real numbers):Example 1 - buy existing (possibly a breakeven buy) at a 4.5% cap rate, with whatever rents, operating expenses and NOI, that generate the value on the deal and the purchase price.Example 2 - develop the property, and if it's underwritten correctly, you produce a NOI/Cost ratio (the development cap rate) of 6%.

I will know tomorrow exactly how many have paid on time on my residential property in Vancouver, WA but my manager has informed me that most are on time expect for the usual late payers.The commercial retail side is completely different. I

Now the other thing is different I was not arguing that.

$400,000 gain is likely taxed at the following at the federal level15% or 20% Capital Gains Tax on about $300,000 of the gain.24% depreciation recapture on about $100,000 of the gain.You likely are also subject to the 3.8% net invsetment income tax.You should also factor in locality taxes as well(DC or your state of residence if different).I am just saying this as you may have to pay more than 25% tax when you sum up all the tax rates, which makes the 1031 more attractive.

They also started calling them "Manufactured homes" to try and differentiate from the older pre 1976 homes.

What was done as investors in 08/09, and what is (should be) doing now is quite different.  I

If you are talking about a 15-20 unit building, then that's entirely different. I

If I was 30 and still had a career in front of me, it would be different.  I

At what rate differential would you not take the 30 year loan?