I understand the reason the investor wants a PPP, but for the majority of clients locking in a PPP when rates are high will impact their ability to refi in the near future. 

So to be a bit more clear, we are not looking for more land to "build" on, we are looking for an aesthetically pleasing atmosphere for our permanent and temporary RV tenants.

Do you know what the reserves are for the condo community (as that could also impact your expenses)?

Plus, you are directly involved with decisions and can directly impact your investment.

There’s a ton of levers that impact returns - you should either know how to overcome these obstacles through experience or learn how to plan for them.If you’re starting in multifamily, accept that underwriting requires some work and dive head first into spreadsheets.

The real questions should be: how does this impact your investing strategy? 

Know the business before leaping in...one mistake could negatively impact your business for the long-term.

@Davis StonerInterest payments are taxable at ordinary income ratesBenefit can be a seller may be able to get more for the property and not get a lump sum payment which could impact their taxes and instead payments over time to potentially keep them from paying capital gains upfront

Below are some generalizations about the property and ongoing maintenance costOlder properties require more maintenance than newer properties.The tenant pool has a large impact on your ongoing maintenance cost.Composition roofs require more maintenance than tile roofs.Properties in climates with hard freezes require more maintenance than properties in mild climates.Properties in locations with a lot of moisture require more maintenance than dry climates.Wood siding requires more maintenance than aluminum or stucco siding.Properties with lush vegetation require more maintenance than properties with little or no vegetation.Locations with high levels of termite activity will require more maintenance than areas with little or no termite activity.Future rentabilityToday, almost anything will rent in the Las Vegas market due to high demand and limited rental inventory.

Can be more impacted by a recession, but still pretty safe.