I know there are some PMS lite solutions out there made for low unit count portfolios but honestly I used ical and excel until about 15 units. 

I would use money from a HELOC that I have open to fund the down payment, but as @Scott Trench stated recently on the podcast, that is a short term solution, and I don't want to hold that $48k debt for more than a few months. 

At that point, it's worth researching and finding a solution that better meets your needs.

I would recommend to buy in your local market for your first property... but I also realize every market is different and might not be affordable or the best solution. 

Me personally, I’d check the contract and try to meet with both the architect and contractor to find a solution. 

It appears to be a good solution, but I wanted to see if anyone else is doing something like this.

Can you sustain the loss for a few years and repairs/turnover costs that can come up?

I learned how to fix mine after searching for a solution, getting two different attorneys, but none could help so I figured it out. 

Between losing the Homestead deduction (+$700/yr in property tax) and a negative cash flow, I don't see a solution.

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