Hi Kiran, I would personally go with the newer property as long as the numbers make sense.  

It is called "delayed financing" and it is very common.

There is a technically the possibility of a DOS clause where the bank could call the note due, but that wouldn't make sense and they don't typically do that.  

That's usually based around the theory that this way you can screen the tenants, gets rents to where they make sense for your deal, etc...We're closing on a triplex and everyone is on month to month leases.

That's usually based around the theory that this way you can screen the tenants, gets rents to where they make sense for your deal, etc...NWe're closing on a triplex and everyone is on month to month leases.

@Aaron PetersonI moved your thread to the landlords forum.Snow removal ... it will be here before you know it ... .I've already put our RFQ as we were not happy with our service in one city last winter.In our experience, when it comes to landscaping/lawncare and snow removal, anytime you cannot define where one tenant's domain ends and another begins, the obligation falls to the landlord.If you have a side-by-side duplex or a row of townhouses where each tenant has their own drive and patch of green, you can hand-off snow removal and lawn care to the tenant ... though you are just as often better served to take care of it yourself and bake it into the rent.Anytime you have stacked units or a block (such as a small purposely built quadruplex), the parking and green space are common areas (just like stairwells in the interior) and fall to the landlord.

Yeah, so as you're inheriting the tenants, it's good in the sense that you have tenants in place paying rent, but also good that it's short term in case you quickly realize they're not the type of tenants you want living there. 

The asking price was 11K over appraisal, which seems to be common in fast rising areas, the comps can never keep up.

Deciding late into a flip to construct another building might not make sense.

I believe the tenants get a better sense of community by interacting and sharing ideas with each other.