Obviously the goal is to ensure the rents from the first 2 homes will cover all 3 mortgages.Once that was done I would bank enough of my cash flow to cover expenditures that may arise and then use the excess to pay down the homes 1 by 1. 

Worry that problems will arise from everyone knowing that im successful and making money. 

The complex likely won't see a rise in values for a significant amount of time. 

Wow I had no  idea this thread got so popular :)  Lots of great replies as well as great advice and point of views.  

Take it from a CPA, I wonder how the IRS functions half the time as does most of the country ;-) Why to you think the subject of Flat tax keeps arising with politics and the IRS is always under scrutiny.However, if you get on their radar things can go south pretty quickly.That said, I never said one loan was contingent on the other, thus true third party relationship.  

For the record, avoid signing any 6 or 12 month agreements once you own it - that's the beauty of self-storage - we can raise rents, and NOT renew an agreement if the need arises. 

It's just a very popular night time bar area, so a lot of incidents happen. 

Our accredited investors group most popular investment this year was a mobile home park fund and we invested over $2.4 million into this one fund.  

A popular rule of thumb is called the 50% rule. 50% of your income will be spent on expenses, not including the debt service.

We could just keep it simple with non-performing and it's popular antithesis of performing.