Next cleaning I plan on pretreating the high traffic areas to remove the remaining dirt.

They also have a 2nd meeting in Worcester if you are looking more out west (They have a holiday schedule coming up with no Worcester meeting the next 2 months and moving the Waltham meeting to the normal Worcester days so just be careful if you try to go to the remaining 2014 ones).  

The seller and I have offered to increase the security deposit to $2,000 to ensure the new owner gets the property as it is, and have itemized the items that are to remain.

So upon closing, the building may remain empty for 1-2 months while I do the repairs and put in a laundry, so these numbers are projected based on my knowledge of the rents in the area:Annual Rent Two 2 Bedroom Apts                   $ 18,600  Annual Rent for 4 Rooms                                    26,260Projected Laundry Revenues                                4,200Total Rents                                                        $ 49,060Expenses: Taxes                                                               4,088Water and Sewer                                              1,600Insurance                                                          1,600Vacancy & Credit Loss (6%)                             2,944Repair Reserve (10%)                                       4,906 Electric                                                               1,800Trash                                                                      840           Total Expense                                                      17,778            Net income                                                          31,282             Purchase Price                                                   134,250          Cap Rate                                                               23.30%          Cash on Cash Return After Mortgage                   91.17%I'm always cautious in thinking something is a slam dunk and there will be some challenges managing the rooms, but there are only 4 of them. 

And, if the lease does not have terms for renewal, then the lease converts to a month-to-month lease, with all other terms remaining in full force and effect.

Would you rather be someone that lends to others at a high interest rate and remains hands off?

The remaining $2700 will be use for debt service. $270000 @ 7.25% for 30yrs...$1841.

We are using equity from one of our rental to pay it off at the end of the term.We are only going to use 3 acres of the 12 acres, to use for the storage project, and for the RV Resort the remaining usable space.

Now those two are divorced, the two rentals have been sold, I got my investment money back (and then some), but the 2nd mortgage remained on my property.

@Anissa Pearson from San Pedro, CAI have clients, that buy Multi-Family units, and use one unit as their primary home and the remaining units as income properties.