You should seek the advice of a good CPA and a good RE attorney before moving forward and you all need to be on the same page and thats a challenge.

Debt service is higher (with both) which makes it more challenging to make the mortgage and with zero down you have very little incentive (without a full-recourse lone and assets) not to walk away.

The challenge you have with being that tight on cash flow, there is no room for error.

But if they’re not buying (read: closing) on the property you might find yourself in a challenging situation working with them.

However, if you are busy with your own business, you likely don't have the time to dedicate in order to weed out these great deals.That being said, the other challenge you will face is that if you are to purchase anything right now, your property tax base will be based on that.

There is a process to challenge the assessment.

I will be engaging an attorney, but I’d like to have an idea which way to jump when I do.

This will keep you pretty busy if you're active and engaging folks on BP, but not only will it build your network crazy fast it'll also expose you to a ton of different areas of REI and help you to decide what path you want to take.

That's who you need to engage to confirm the underwriting requirements for your complex.

I am in the last few weeks of escrow on my second sale and have a significant amount of equity since I purchased during the recession in the North bay of California’s Bay Area.The challenge for me now is to find a good deal to roll this (250k) into that cash flows and will appreciate.