(This may have changed in subsequent funds, so check with PPR.) 

Like our other class B shares (we also invested in Praxis), they stopped paying out pretty quick when the interest rates when up.

Just a heads up this will not be tax free, it will be a pro-rated exclusion.

.- Low Interest Rates: Competitive interest rates make property ownership accessible, especially for those with stable income like service members.- Military Presence: With U.S. military bases across Germany, local banks are accustomed to assisting service members with financing.How to Qualify1.

Since you haven't started the project yet, use this time to network with lenders to see who offers the best terms....seasoning, rate, leverage and pre-payment penalty terms. 

.  --- From the zoning code it says, an RM-2 zoned lot can have "1 unit per 2,500 sf. of lot area"If you don't meet that lot size requirement you'll need to make a request for a variance, then post notice about the desired change in front of the building.

With that low interest rate, you will have paid down a lot of equity in the deal and should be able to finance with a bank.

With 56% appreciation rates in less than 10 years, even the stock market can't beat North Carolina!

The only note is it is easier to set up the LLC before closing but not so hard to change after. 

Here’s the situation:Purchase Price: $540,000Down Payment: 20%Mortgage Rate: 7.125% (30-year fixed)Monthly Expenses (Mortgage, HOA, Taxes, Insurance): $3,706Realistic Max Rent: $3,000As you can see, I’m currently short $706/month even with max rent.