The rental market, although strong in Seattle, would barely cover the mortgage payment.If I sold, I would pay capital gains tax (under 2 yrs) however I likely would make very little profit on the sale.

2) Is there a way to mix owner financing with conventional financing and still keep out of pocket expense down to bare minimum?

ive been looking at Myrtle Beach myself. my problem, most of the beach front areas, the HOA costs are amazingly high. like over $1k/month and most barely providing internet and water.

@Vicki Stewart   not to be a nay sayer but having been raised in the land business ( my dad was in it for 30 years)  and now being a home builder I can tell you there is no play trying to find bare lots to partner with builders.. the builders will just buy their own dirt you would not bring anyting to the table.. you could buy the dirt and sell it to them..

A nearby property won't do you any favors if it barely makes any money.And don't be afraid to manage from a distance as it's completely possible whether you go with a property manager or self-manage.

@Joe Crupi I've analyzed some properties I've found on the MLS to get an idea of what the monthly cash flow could look like and it does seem that the cash flow (if there is positive cash flow) is just barely enough to cover all the other costs!

Plus, since my parents went half in on all these deals with my wife too, that wasn't enough to replace my W2 family income.When that quick calculation proved was I was getting barely 3% ROE, I knew I needed to get that equity out.  

Most lawyers told me, I would win but wouldn't be able to reclaim legal fees from him because he had no assets and barely worked.

The deal is a portfolio of 3 buildings on 33rd and Baring.

Bare with me but there was just a great podcast from Brandon's CPA and connect with her.