There really is no substitute to BP

The few I've seen like this, I passed on because I wasn't sure what was going on.Here one bidder could not be substituted for another after the sale.

There is just no substitute for hands on learning.

Notwithstanding the above comments (which I agree with), to answer your underlying question (disregarding the effect of depreciation and recapture):Gain = $31K - cost of sale (commissions etc) - any capital improvements made during ownership periodIncome each year = $19,200 (assuming zero vacancy, substitute with actual income collected) - interest (NOT principal) - taxes - insurance - utilities - maintenance - any other expenses

The board usually has power to create and vote into effect rules and regulations along with penalties per the bylaws, but creating rules that require labor from unit holders (labor being substituted for a higher HOA fee) appears to be beyond the reach granted to the board and instead requires a majority vote from all unit holders instead of just the board.

Such an assignment will create a novation and release the original Buyer from this contract and substitute the assignee in the original Buyer’s place."

First thing to do is get rid of the, plaster & lath, drywall, greenboard and cement board and substitute a material that is water proof backer.

I believe you have to identify the substitute property within 45 days, then close on it within 180 days....otherwise you are taxable upon the sale of your property(ies).

I have looked at many so-called "deals" that, after substituting my own numbers in place of the seller's numbers, I have either thrown in the garbage can or offered significantly lower than the asking price.

Attend Frank & Dave's bootcamp.Also, although no substitute for a weekend-long Bootcamp, take a listen to my podcast here on BP: http://www.biggerpockets.com/renewsblog/2015/02/26...But a few thoughts:* Odd that the park is 10 acres but only has 23 pads.