Him and his wife have been surviving off the proceeds of it, has gathered some income, but (the main challenge currently) he's a Depression era person who's seeking "secure" investment strategies.

Tough, experienced competition in my area will make it a bit more challenging I'm sure, so preparation and patience is key.

Terence Nash,You are required to depreciate as when you sell you wll face recapture on the depreciation that you did take or should have taken.

However, she is slightly mentally challenged (probably drug related from her past) and I'm fairly sure she isn't going to move.

You are facing very deep pockets should a challenge arise.

Your numbers should be higher.One challenge with condos now is non-owner-occupied financing.

-Hedge funds leaving Vegas-New/higher home prices combined with lower rental rates causing lower CAP rates and cashflow-The 80,000+ homeowners that are in default-The spike in NOD's being filed (Las Vegas is currently the 2nd leading city for NOD's being filed.These are just a few of the factors our local market is currently facing.

Having worked in commercial bank finance for 10 years, there would be some serious challenges in getting this done conventionally if it came across my desk, with or without the 30% down.

I know hedge funds stories has been kicked around a bunch but I thought this article I read today was good explaining what their process is for the big guys. http://www.costar.com/News/Article/Rising-Interest-Rates-Pose-First-Big-Challenge-to-Emerging-Single-Family-Rental-REITs/149416

I'd face the music that I hear and sell with the tenant and move on, with your money you may have to pay the fiddler some, use the rest, if any, on another property.Another consideration going the other way, use some of you cash to buy another property and let the new one feed this one to hopefully get a cash flow overall.