There are no prepayment penalties on these, however you will have a considerably higher rate than going with a long term loan. 

I know I can contact Realtors but I rather find out through black and white thank you guys.Although you said you are in CA and want to invest elsewhere (I'd recommend something within a 1 hour drive from where you currently live), the process of picking the right market is the same.I like to see good $/sf growth over the last 2 years, and a market that is $700/sf and higher.

I'm not sure I'd have a PM oversee another contractor but I would probably have them involved at some level especially if you are working long distance.

You could also look at selling the "paper lots" in advance of building out the infrastructure, but that depends on your financial ability to take this from dirt to finished product, and ultimately for holding long-term if that's the goal.

I mailed my application last week and am now waiting for the results.

In the last few years the City of Danville has created lots of speed bumps for STR operators, so be sure to familiarize yourself with all those restrictions.

heh heh heh Haven't been around long huh?

I'm relatively new to investing and need some help with my unconventional situation.First off, I'll give some background about myself.I Live in British Columbia and have been a homeowner for about 8 years. my house was appraised at the beginning of last year for $550,000 and still owe $120,000.

I have been buying properties in Colorado Springs over the last 2 years and expect this market to continue its steady growth for decades to come! 

Mat helped to establish my Solo(k) through his law firm a few years ago.