In my case, I was young and super ambitious, with a lot of really grand goals (be a millionaire, own 5,000+ units, etc).

My question is this: The home we are looking has be rented to some family since my grand parents passed on around 10 years ago, the relation that has rented it have destroyed it, and it needs ALOT of renovation before we can move in.

A friend of mine says that getting some short-terms in the summer months near Grand park in Westfield is the ticket, but I would just be concerned about the off-months.

Every time I get a couple grand built up I end up paying some big expense on one of the properties so it does not feel like I am getting ahead to be able to buy another property.

If the burden of managing the property is weighing on you, you should consider getting a property manager.Not sure what your cashflow is, but I'd assume you can take the few hundred grand of profits and parlay that into a much higher monthly cashflow considering that although the home prices are higher these days, the interest rates have reverted to near record lows recently.Without all of the financial details, I cannot say conclusively what you should do, but if it were me, I'd look to sell and reinvest the profits in more properties.

If you have a couple hundred grand, then maybe you can do it. 

That will come to a grand total of $333,000 a month minus you expenses of maintaing the building itself.

My other option is to wholesale it for a couple grand profit.

Put the loan in a trust in your kids/grand kids name(s).

You can buy it at 125 and it’s worth 250 after only 30 grand of rehab .. you sure about that .