It could save you the trouble of finding a new tenant and dealing with vacancies.

Hello,I recently closed on a BFD deal and looking for direction on correctly setting up journal entries, to make it easy at tax time.In a nutshell...We hold a mortgage on the property with a principal of $150k, 4.25%, 30yr amort (liability)The BFD sale price was $300k, with a $45 downpayment, $255k financed at 5.5%, 25yr amort, 3yr balloon (asset).All transactions are run through an escrow agent, and we just collect the net difference monthly (~$325 or so).   

deal flow  getting deals good enough leave enough forced equity to get your cash back at refi pretty simple concept.2. cracker jack rehab crews that can get these turn overs done in time and on budget.3.

Looking for some opinions on what to do with this deal.

With media giving Florida condos a bad rap right now it can mean finding the best deal in 5 yrs on one. 

Research emerging neighborhoods, find properties using MLS, Zillow, and Redfin, explore financing options, form partnerships, analyze deals using BRRRR calculators, and manage the rehab process.

Figure out the appropriate price point and you can determine which deal makes more sense to you.

@Luka Milicevic makes an excellent point: the Greater Nashville area is tough on rookie investors because housing prices are too high, rents are too low, and it’s hard to find deals that pencil out.If you’re open to investing in areas outside (but still close to) Nashville, I’d suggest checking out Chattanooga.

At this point he has not offered me any deals just dollar for dollar value exchange when the work is done. 

So then it should be safe to assume that the calculator is warning me that this isn't the best deal.