So here’s what I found, an event hall building for sale.

A sales rep from that company was saying not to worry about it they won't enforce it and they have seen claims paid out... all well and good but what is in writing is what matters when the lawsuit gets filed.

Under IRC Sec 61, Congress intends to tax all gains or undeniable accessions to wealth, clearly realized, over which taxpayers have complete dominion.Treas Reg Sec 1.61-1(a) provides that gross income includes income realized in any form, whether in money, property, or services.

I am thinking of converting it to a regular apartment so rents can be raised easier and increase the sale price in 2-3 years. 

After the fifth year the loan can be paid off with no prepayment penalty."

 - all markets are challenging to cash flow after extracting all possible value after a brrrr.  

There aren't nearly as many notes for sales in the states that are quick to foreclose.

Purchase price: $300,000 Cash invested: $70,000 Sale price: $450,000 BRRR method using an STR property that has projections in the 75k gross rangeUPDATE -- did rent well.

Purchase price: $290,000 Cash invested: $100,000 Sale price: $549,000 4 Bedroom 2 bath house bought from an estate in a great Broad Ripple location.

This is why it is important to enlist the services of an attorney sooner rather than later and have a reserve fund to cover all expenses until you are able to take possession of the property.