So with his math I shouldn't have payed more than $28,000.

I figure that no family needs 3 freaking Real Estate agents, so REI seemed like a natural fit since I have always been a jack-of-all-trades kind of guy and am very comfortable with the math and complexity associated with this industry.  

@Sam Smith The negative opinions of investing out of state are probably from people who didn't do their homework thoroughly enough and unfortunately partnered with the wrong people.  

Lara the best advice I can give you is to do your homework and stay connected to BP a great community of like minded individuals.Sincerely,Shurrone Jordan 

Outside of that, typically the money lent is simple math.  

I do agree that there is a limited market for an exit but it you do your homework you might not want to sell your multi unit anytime soon.

Of course, my people understand math...Eddie

There are many vehicles you can use to get you to your destination, you simply have to sit down, do the homework and figure out which option is best suited for your particular position.

It would pay for you to do your homework before approaching the owner and ascertaining how much equity is in the property.So let's say you manage to get the property for below market value. 

I definitely have my homework cut out for me.