Otherwise, you are just gambling that the bank will not call the loan if/when they discover you have left the property (which probably states it will be owner occupied in your loan, if it's a primary) and are no longer making payments. 

The big secret that the guru types don't like to talk about is that people almost always get rich in real estate through equity (buying w/equity, appreciation and principal pay down). 

Our partner, Ernest Bannister, discovered the N 31st deal in Philadelphia and brought it to our attention.

If anyone is interesting in what I've discovered, DM me.

But then two of the investors I worked with analyzing this deal discovered an engrossing revelation…Included in the documentation letter contained an appraisal report assessing the property at $610,000.00!!

The reason I am writing you is because I had the same question of whether there was a "catch" when I first "discovered" Albany's favorable cap rates and relatively low prices as compared to NYC (I live in Brooklyn and grew up in Jamaica, Queens).

Would appreciate any insight you might have discovered since your post.

One week in and it is already leaps and bounds better than what I experienced in Tom Cruz's Section 8 Secrets. 

I've been doing some research and after some time, have come across The Flip Secrets.

It is a bit secretive where the money goes that way.