Land, and by some extension the improvements built upon it, are the only kind of property in this world that is really real.Any thoughts, ladies and gentlemen?

What kind of neighborhood? 

I purchased a 28 unit 10% cap at $30k a door though needed heavier Reno to bring it to $47k door renting around $640 incl utitlies.Be aware of cost of insurance and common water bills.Looking at an 18 unit deal in b/c neighborhood now which is closer to $65k/door targeting $800 /mo

When he was telling me about it he had trouble looking me in the eyes and was talking kind of fast.

The property to purchase is worth $133k, so I guess the double corp structure is kind of an overkill considering the market value of the property.

Probably something simple I am missing or the deal just doesn't make sense.3 condos, the owner has 14 out possible 48 in this complex and if the deal goes through may lead to more deals with her.the condos are 1/1, 2/1 and 2/2, she is asking 76k for the 2 2/1s and 64k for the one bedroom. total 216k, she would hold a second position note for 30k with me putting down the remainder of the 20% down (13,200) and pay closing costs. she would like 6 payments, one each year of 5200 for 6 years which comes out to 31200 total, about 1.5% interest rate if my calculations are correct.For simplicity, I am counting the 3 as a triplex, so rental income is 2325/month, tenants pay for electric and gas, HOA of 185(555) per pays for water, sewer and garbage as well as exterior and common area maintenance, snow removal, grass cutting, etc. taxes are 266 and insurance is 50 month (HO-6) policy which I hadn't heard of before.

@Alfred LittonWhat kind of work do you do?

In your post you lay out some of the common things that lead to low returns when converting a primary residence into a rental.

@Bart SklarWhat kind of deal are you looking to fund?

What kind of person that actually knows what they're talking about is going to sit here and write The Book of Jared just to help you out?