However, the increased interest rate is a significant consideration.Breaking even on the Farmington condo: While not ideal, remember that you're still building equity as the tenants pay down your mortgage.

Mike,If you are not going to cover your belongings and the parts of the Building you ar responsible for, another avenue to try is to see if your Homeowners policy can add that location for Liability only.  

In terms of the building you are under contract on, is it brick or frame? 

The drive is a horseshoe shape around the back of the building (only one building on the property).

People would say things like cash flow, seller financing, Self-Directed IRA, etc. and my eyes would glaze over.RTR Academy starts at a basic level and builds you up to where you need to be for a successful endeavor into real estate. 

I have a primary residence that is a 4-unit building.

We have our own personal home, but are interested in the idea of having some rental properties to generate additional income and build wealth. 

A drywall guy once told me that a quick way to calculate a whole house worth of work is to multiply the living sq footage by 3.5 then divide that by 48 sq ft ( 12 ft drywall ) and then multiply times per sheet cost.This is probably more applicable for new construction or full gut jobs.amazingwe did a new build last year & using your calc it was very close except we did 9ft ceilings & 1/2" 12ft wallboard.

My partner and I want to find a bank to open a checking, and obviously build a relationship for later for any financial needs we may have.

Right a nice letter, send it by email and registered mail, telling them you have purchased the building and will be terminating their lease on the last day of July so that you can move into the unit.