Admittedly is was a 15yr term & some years ago.That way they had control of the cash if you fail to pay the mortgage so we qualified for a mortgage 70% LTV.

I would never buy and hold a condo due to lack of control of the property-the HOA becomes your partner .

If you are paying utilities, I'd look at getting the climate control thermostats.

I'm really excited about joining the BP family.Just to give a little background info about myself, I've been a professional poker player for many years now and have been living abroad to play online poker for the past 3 years (Sydney, Australia for the last 2).

As I stated before, appraisals can be flawed and less accurate due to many factors outside the control of the individual appraiser.

An affiliate is an entity that controls another company, is controlled by the company, or is under common control with the company.

There are just too many things outside your control that could go wrong.

Consider managing the property yourself to increase cash flow and control.

One thing that can help you determine what you're getting into is having a core sample taken of the property. it will tell you soil type, groundwater and rock depth. if some rocks are big enough you might need controlled blasting. if your basement is below the stream bed grade wise, you would likely have to be pumping water 24/7 during the construction part. im not sure how well a poured concrete wall with the waterproofing on the outside will stand up to the water, but of course it would be better than a block basement. builders would reccomend under drains to drain the water. the best way to do this is mechanically, without a pump or you could still wind up pumping water 24/7 after construction is complete.

If you can buy the 80k Bank 2nd DOT for a few thousand dollars (seems unlikely to me, but maybe you got lucky) you will effectively control, and upon redemption will own, the property and there is nothing the other investor can do other than paying off the 80K DOT, which seems improbable to me.