Other markets I invest in you can sometimes see extended vacancies depending on the time of year.

What is the time duration between the tenants payment and the payment to you, I've seen anywhere from 2 weeks to over a month. 

You can always work with him on extending the time for escrow to close, especially if you are coming in with no money down as you won't tie up any of your funds.  

It's possible to re-zone a property but it is an extended affair that could take at least 6 months, plan on 12 (figure several postponed city council hearings, hoops to jump through, etc. and you get the idea), and I would not count on that as part of the deal at all - that should be "gravy", not something you count on for the deal to work at all.The best thing I think you can do is ride by the property, maybe talk to neighbors in the area too, and see if you can figure out why it's zoned Light Industrial.

@Kenneth LaVoie, over any extended period, of course capex will eat up some portion of your income - so likewise, SHOULD be anticipated in advance by apportioning it monthly - just like any other expense! 

(ie - making deposits, closing in 24 hours, etc)Conduct due diligence extending beyond ordering a title report and looking up taxes - can you identify defects in documents, servicing and origination?  

The faster you pay down your principal, the less interest you pay overall for the duration of the loan. 

I'm not sure what the condition of the property is, but for a beginner, it's easy to mis-calculate the cost to renovate and the duration (especially now that it's getting colder, it'll definitely affect the duration of the project).

Maybe my next step is to find a mentor but I wanted to extend this question to the BP community.

Hello Kam,I'd like to extend an invitation to you to attend our Investors networking meeting that we have in Fall River.