Should be, but your language is a bit less than precise* so good to check on the details with a professional (*not at all unusual or surprising as most peopled don't do this every day).

I hope for you that it's not the former :-)Make sure to stay in touch with the PM and make sure the seller doesn't tell them not to spend the money to turn over the unit.Looking on the full half of the glass, these are 4 units you can push the rents on day one instead of waiting for a lease to renew with one of the tenants in the building.

You may want to stay at the lower elevations (such as the Grand Junction - Montrose corridor) due to average temps and growing seasons.

You will be surprised, but there are some great opportunities out there, especially for foreign investors.

The loan technically goes into default if the 5 months are up and you haven't sold the the house, at that point you have a couple options;  you can give up and give the house back, you can make the extension payments which are HUGE and a big incentive to stay on track and get the property completed on time or you can get busy selling the house.

I would be surprised if anyone did.

Gonna stay tuned in as well, thanks for sharing this.

That could be a great way to stay engaged with local investors and opportunities. http://www.biggerpockets.com/alertsYou can also search for other investors in your area and follow their journey on Bigger Pockets here: https://www.biggerpockets.com/search/usersBest of luck to you and look forward to following your journey!

And be sure to check with folks other than your family banker (where you carry all your accounts) - you'd be surprised how much price / term shopping can save you on your first few deals.Best of luck to you and I look forward to following your journey!

He said " he would rather pay $2000 a month than sign a lease with such a crazy price hike "So I have a few options , give 60 days notice , move into the bigger house , now have my larger house, extra bathroom and garage for my hot rod and only increase my portion of mortgage $350 as I believe renting the 1/1 at $1300+ will be cake .Or supply 60 days notice and get new tenant at anywhere from 1850 -2150 a month and stay another year in our small 1/1 .