I will definitely get started on some of that early to get a feel before I pull the trigger on anything.

There are possibly hidden tax consequences to each option as well that you would be very wise to consult a CPA and an attorney about everything so that you do not unknowingly trigger some sort of major problem.

There are possibly hidden tax consequences to each option as well that you would be very wise to consult a CPA and an attorney about everything so that you do not unknowingly trigger some sort of major problem.

Good luck with the project -- I've made several OZ investments and the structure/compliance is pretty manageable once you get the hang of it, but definitely requires another layer of planning/analysis in addition to identifying the property location. 

It is the sale that triggers tax.

The city uses new tenants and permitting as a way to force compliance to code changes.This could be a good deal, but only if you're able to push the taxes and utilities to tenants.

Interesting that the deliquence triggers for things which are not a periodic payment are handled a bit different.

I've been listening to Bigger pockets for about 6 months now but I still dont think I have enough cash... should I save more or pull the trigger?

@Evan Young  No doubt this will trigger another heated debate, but what you are proposing is called real estate brokering. 

And I don't want to lie and trigger the due on sale clause.