This also poses risk for short-term mortgages or ARMs.If you're going to hold rentals, my suggestion would be to set a longer-term time horizon unless you feel like gambling...

Unfortunately another applicant was chosen.

I have chosen these markets for my initial goal because I am still a beginning investor and my origins are from Atlanta.

You don't need an MBA, but you do need to learn really how the business world operates, it's not how most people think, at least on here.Then pick your industry, here, you have chosen RE.Basic knowledge is dry, unexciting, when you read it it's hard to see where the money is or how in the world does knowing that a legal description "closes" or what a certain deed of conveyance does to make you money.The reason most have problems trying to follow some guru path to wealth is because they don't understand the foundation that the strategy is built on.In basic business law you'll learn what an endorsement is, what an assignment is and the different types of contracts there are (not talking RE contracts I'm speaking of unilateral and bi-lateral contracts).

Jean Paul, when you are using conventional financing, the appraisal is required and chosen by the lender.  

That is a huge gamble.

Match the entity chosen to the business plan.

It’s worth noting that the buyer is a military friend of the broker (that’s why he was chosen), but the buyer is really pissed as well, as they’re paying rent until they can close this thing.

I view their form of diversification as playing a round of Yahtzee: rolling multiple dice.Investing, farming, and gambling all share something in common: they all involve playing games with numbers.

Kudos to you for having a plan to get the units occupied fast; but it was a gamble.