Thinking of doing purchasing land for the same purpose. 

In speaking with some other investors in my state (New Hampshire) I can across a state tax situation that I was not aware of and was looking for some clarification.In NH when you sell a piece of real estate that is used for business purposes (generating rental income) you are subject to the Business Profits Tax (approx 8.5%).  

From what I’ve learned so far, those who are successful in real estate investing have a sense of purpose that is guiding them.

Buy real estate for investment purposes only if it makes abundant sense without factoring in any appreciation.

Just for informational posting purposes, if you think the tenants have damaged the property, or if you know you want to sue for the past due rent at the time you are filing your eviction, you can file a Count I and a Count II eviction.

BG, in re-reading your post I noticed that it sounds more like you are doing a flip ("I put $30K into it") rather than selling a property "held for investment purposes".How long did you hold this property?

This was not my purpose at the time so it made little difference to me.

I under insure mine pretty regularly on purpose because I'm willing to assume the risk and know I can fix them for a fraction of the normal payout.If it were me, I'd be shopping the rate AND the replacement cost. 

Cashflow would be tight on that building at full price unless you came in with a huge down payment, which kind of defeats the purpose of investing because your ROI is low.

On the other hand, this is legal.Borrowing against your personal residence, where the use of the money is to start a business, is not a consumer loan (i.e. not for personal, family, or household use); it's a business purpose loan.