Is that in line with prevalent cap rates for similar properties in your area?

I will have to check out multi-family units before committing, though.

@Cameron Weston probably talk to your lender(s) prior to committing.

I could see picking up one as a second home on a 10% down loan and converting it to a LTR as your agreed upon time commitment is up, but might have trouble finding someone to finance multiple condos at 10% down.

I am just really looking into getting a first deal under my belt to commit and not get analysis paralysis   

Otherwise, you are knowingly committing mortgage fraud. 

Since the buyer agreed to purchase, on your assignment agreement you are going to make sure the buyer commits by putting down a sizeable earnest money deposit. 3k as an example2.

Was this fee mentioned in the in the term sheet or commitment?

But we are both committed to fully recovering them, so we can make more money and put more money away for investing. 

These monthly commitment plans don’t seem to ever work out.