Though I doubt they're this clever, I wonder if the bank might be trying to find a buyer with funds to buy the smaller second, thus a good candidate to slide into the first?

The sponsor is the guy with the money. 3 main players: developer, sponsor and builder.Tax credits are something to consider but if you're doing a multimillion dollar water front deal then I doubt you want to waste your time learning about low income housing tax credits.Sketch out your executive summary.

I think this is the best place to share and discussabout our doubts and views.

Jeff,Thank you very much for your time and response.I do know that he will definitely give me the leads without a doubt.

Have a contractor walk through if the other numbers warrant this (which I doubt but I am getting ahead of myself).

especially with the 11 unit, I'm doubting myself because it not only meets, but blasts thru all the standard rules based on price and gross rents Thanks for your valuable and much needed ongoing education!!

The 2 bedrrom will never go for 8 and the 3 bedroom will never go for more then 8 (I would doubt)....not sure how you get thereSince your paying cash this is really a cash on cash return question....your going to put $40K down and if we assume your numbers are right it will take you 2+ years to get your $$ back and that doesn't' include any expenses / maintenance / vacancy etc....so your looking at a 2.5-3 year return on your cash - then your back to ground 0.......Question is how do you feel about that?

I was thinking about taking part in this program and then maybe renting or selling the property for profit after(at 50% off I would no doubt be making a profit).

I doubt you have any legal options.

I do not believe there has ever been a tax credit for investment properties so I doubt it.Waiting becasue of tax reasons is a silly thing in my book - don't live your life according to regulations.