However, the property in question is in a pretty good location: adjacent to a garden run by the city council, less than a block from a brand new park, and kiddie corner to a church/Catholic school.

I live close by.

In my mind, if I can lower the 2nd loan amount by paying down the principal in the first 4 years, it would be a more affordable payment.

Also I would run it by an attorney The big question is are you in a place to refinance the mortgage or pay the taxes if something goes wrong?

Everything was permitted correctly and done by the book. 

This might sound steep but in my experience that's what it usually ends up being by the time your said and done.

Yeah I might stick with that, it’s hard to find deals anywhere but at least you can get deals done in the smaller markets, in addition to flip I got I lost out on another one by 4K and probably should have just gone higher, a few other deals I was interested in “only” got 4 offers and they were well priced, my point is it’s hard everywhere but you can deals done in these types of areas. almost any asset class in any major metro is just over saturated and you end up with a “ winners curse” when bidding .

Michael says that it becomes part of the 3-tier application of the payments received by my former tenants.

It is important that the designed purpose of the property is congruent with the rules and regulations established by the local authority in order to ensure its successful use as well as to avoid any possible inconvenience due to lack of compliance.

My client owns 3 SFRs and a commercial building for their business (in an LLC, used by the business but with personal guarantee).