This is one of the downsides of investing with debt...

This is why I use the 70% formula to protect any downside to the projections.

I haven't got to the negotiation stages yet but am getting close and would like to have my stategy in place before the haggling starts.I reckon, not based on anything other than what I see as logic, that if I can procure the B&B, I can get some good people to either live in or live out and manage the place while I live my other life.In the mean time i can be strategist, marketeer and facilitator.Need someone who has done it to tell me it really can work though and what the down sides are.Thanks for all the help folks.Robin

The downside is that the two car garage on first floor has no direct entry into house as you would have to enter into bedrooms from garage.

Of course, there are downsides, such as living right next door to your tenants - no biggie if they are great tenants, not so great if they are a pain in the rear.

I will honestly tell you when we talk what my thoughts are and explain finance structures as well as possible exit strategies.You can also e-mail me as well if you like or colleague request me.A triple net property is where a corporate grade investment tenant signs a long term lease 10 to 20 years to pay you money.They do this because they can free up capital to grow or re-image existing locations.They also for accounting purposes can show a write off instead of an asset.You get great tenants that pays your mortgage like clockwork with mailbox money every month.The downside is the rent bumps annually are not as large as other asset classes.Say 1.75% to 3% depending on various factors.With apartments you can get more yield but also more problems which is not as passive.You might find after looking that taking an 8 cap to 9 cap is better than a 11 cap with big headaches.My busy clients find after researching with me that the extra yield would cost them more in production of their high paying career than they would make dealing with the headache.Not trying to sway you but just sharing my experience as there is a process with each client I have that goes through this exact same thing as you are.

The down side is I don't know how to advise myself very well in this case.

You are being way to vague.In Fulton here is how it works.Tenant is late on rent for whatever day stated in your lease 3rd,5th whatever.On that date they are late you give 3 day notice.If after 3 days they do not comply you then go to the closest court office and file eviction.It is usually about 78 dollars for the first person and then about 8.00 for each person thereafter.You fill out a separate form for each person to be served that is over 18 that is on the lease.Then after that you pay another 8.00 to file the form for (and all others) which will cover serving ANYONE not on the lease living in the property.After you pay the fee it might take the MARSHALL 1 week or so to serve the notice.The MARSHALL will personally try to serve the defendants at the door.If no answer they will tack the door and mail.If the defendant does not answer the tack and mail notice which they are given 5 days to respond then you are granted automatic eviction.The down side is you CANNOT get a judgement against them.You will have to go to small claims court or civil court on that.If they file an answer however to have a court date OR they were personally served and signed the papers that the MARSHALL gave them in person then the judge can issue a judgement in your favor if you win.If they do not file an answer you will be granted eviction but then must file and pay 20.00 for a writ of possession.The MARSHALL will then call you and set up a date for the tenants to be out.You must have a team of at least 4 people or so to do the eviction when the MARSHALL is out there.Most tenants leave before then.If trash is only thing left then rekey and document and when Marshall calls say the tenants already left.Change all exterior locks as you do not know who has a set of keys and make sure all windows and locks work and are secure.I can go into way more detail if you want but don't want to type a book.The whole process can take a few months.Do not tell the tenants when the marshall told you they will come out.The tenants will stay until the last second if told.You can instead tell them because of safety reasons for the MARSHALL we cannot give out the day and time they are coming but it is imminent.This will make them move fast as they don't want to worry about stuff being thrown out.DO NOT accept partial payments for rent before the court date.This can be deemed to have worked out a plan with the tenant by the judge.It also helps to know which judge you will be getting for your case.They will assign a mediator before you reach the judge if you can't resolve things with the tenant for a workout.no legal adviceany ?

Bobby the real estate market cycles locally in every market.There are average times that this takes place.For example so long for the market to be stable,so long for the market to increase,and so long for the market to decrease until it hits rock bottom.The pluses right now are lots of motivated sellers in many markets.They held out for a few years thinking things will get better.Now they have accepted it will be a long haul and are ready to sell.Holding out for 2 or 3 years is one thing but 7 to 10 years is too long for many for a property to recover.The plus side is interest rates are low and pricing is great.The downside is liquid capital needed for a regular loan is steep as loan underwriting is tight.If you wait lending might relax with less down but interest rates might rise along with sellers expectations of selling price so you would be at a wash or worse then when purchasing now.The name of the game is too hold onto cash and leverage into a good deal.In the down cycle you buy up as much as possible.

The down side to credit card cash advance is that there is a 3-4% fee on day one to take the money out.