Life on the island is slow and deliberate. Hoping to find a cheap lot and spend some time building.... Any island RE experts? Price for a lot with a view??

12% interest-only money is pretty expensive for an apartment complex given that cash flow generally comprises the bulk of the return...at least in the early years.

I'm not sure about that and need to do a lot of reading.I'll look up that book and order it, thanks for the tip.Like you said, this is complex.....I just need to figure out where to begin my research and reading.Mike

Jimmy, can you add some color on a few points regarding due diligence of this opportunity:* Why did the complex fail under prior ownership?

Having a loan involved will make this a bit more complex rather than a cash buyer.

All this talk about multiple offers shows a market that could be underway towards increasing prices.My condo complex has 340 units and we have had values cut in half with properties just sitting for long periods, no action.Just noticed, everything except 2 units have sold, at huge discounts mind you, but sold nonetheless.Condos are the firt to crash and the last to comeback.

I was able to purchase a 12 unit apartment complex in Arlington Texas 5 years ago because the owner was hit with so many code violations summons and fines that he had to sell just to pay the fines!

Due to the size of the complex the property management does not want to manage the property going forward which may the reason for the lack of response.I received the tenant delinquency status yesterday, and one tenant has not paid in 90 days and is in the eviction process, the other has not paid in 60 days but with commitment to pay balance in two weeks.

The units are currently being managed from an elderly lady whom lives in the complex.

Sounds like a sweet deal to me.