Prioritize your financial stability.

Congrats on achieving a comfortable financial situation.Condos are actually riskier than single family rentals. 

Yes, this comes with some risks and limitations and this strategy is not for someone without any reserve as it will put them in a very bad financial position.Thank you

Communication and setting expectations are key to any smooth financial transaction. 

Too bad you can't buy something owner-occupied, put 5% down with the best interest rate, live in it for 12 months (and fix it up), rent it out and repeat the cycle.Here's some other info you might find useful:----------------------------------------------------------------------------------------------------------------Recommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?

To avoid unnecessary liabilities, delaying acceptance or exploring a cash alternative may be the safest financial option.This post does not create a CPA-Client relationship.

With time and persistence, it can provide the kind of financial freedom many people only dream of.

Price RangeDefine your financial boundaries based on available capital and borrowing ability:For Class A & B, financing typically covers 75%-80% of the purchase price, allowing you to buy properties in the $6M-$12M range if you have $2.3M total cash.For Class C & D, due to higher risk, the price range might be reduced to $5M-$10M with the same cash.5.

I would encourage you to do a deeper dig on the financials and take your own skill inventory in making this important wealth impacting decision.  

you know a singing partner /  financial net worth partner ??