He is interested in REI, has good basic knowledge on REI and has more than enough saved up for down but hesitate because of current market, interest rate, rental demand, capex, first investment jitters, draw of stock market, etc, etc. 

We are planning to hold it for 5 years and bought a rate cap to cover the entire hold period. 

My basic underwriting making some standard assumptions on HOA expenses, 20% down, 7% interest rate, 30 year mortgage, utilities, supplies, and maintenance costs shows a loss of about $22k per year if you are self managing.

I agree with William that the rate you have is probably better than you'd be able to get moving into another property with rates where they are today. 

A few may just want to be a PML and get the agreed upon interest rate.

Assuming I also use the Airstream for lodging while traveling for personal reasons, would I just take a pro-rated amount of depreciation for the amount of use that is business vs. personal?

With me not being on the duplex as a co signer it is rasisijg the interest rate 2% higher than what the average rate is or has been going for.

Definitely something to clarify upfront...If you’re replacing with another restaurant, it should be an easier transition since the setup is already in place.Your biggest risk is vacancy $450K/year is solid, but if you ever need a new tenant,  ensuring the lease rate is sustainable is key! 

Fortunately at my rate they have some cash flow and good appreciation.The rates make it rare that the brrrr is the best option available.  

The cheap DIY (“rent a plan”) 401k’s need to be moved to a new custodian.