If you guys are looking to rent it out then you would need to run a pro forma factoring in all of the operational expenses associated with the property against the rental income ( amortization, economic vacancy factor, insurance, property tax, reserves for capital expenditures and repairs, etc.) and see if it is actually a profitable cash flowing investment.

These are two main factors in growing the economy.

The will hose your website forever.

I agree that BP was a huge factor in my ability to do this as well!

@Emad NasserTry to get a quote on what loan you can get for this property, so you can factor your debt service into the calculation and see what your cap rate is.

Many factors contribute to the viability of a property beyond price and gross rents.

Contractors (and every business for that matter) will slap on a PITA profit factor if you are not careful, especially in this market where work is plentiful.

It all worked together.I don't intend to stay in this forever.

Buy it right and you might live for free forever. 

These are all factors as to what type of property you can use.