Hypotetically, if I use IO loan only, I would lose money as aggregated principal is much less in IO only product.But since i use 10YARM then I made lot of money, even better than 30YARM.But now things are changing.

Specifically, it sounds like all interest payments made are fully deductible because, in this case, the individual unit's balance cap does not apply (because it is grandfathered) and the underlying co-op mortgage's principal balance allocated to the specific unit is below $750,000. 

They come on the market occasionally but usually get snatched up pretty quick and always seem to have already had a deal made before they hit the MLS.

In order to secure my investment will a promissory note suffice or do I need a deed of trust or something as collateral in the event I don’t get my $ back? 

What made you interested in investing in this type of deal?

As for bookkeeping, I use Baselane for all of my properties and it has definitely made my life easier.

Hi David,Just to clear up the misunderstanding, by "get title insurance," I meant pay for it.And, in fact, seven years ago when I made the original post in this thread, it mattered a lot which title company one used.

What made you interested in investing in this type of deal?

“Luckily” I never made more than $60k/yr working.

What made you interested in investing in this type of deal?