Get a model, do your homework and don't settle for break even - especially in this market!!!

Scott,Need a little more information about the particulars to give you and educated response however just hearing the information that you gave, I would venture to say that you situation doesn't fit the business model and or loan criteria for his financial institution, Richard

I've not done this since this isn't by current (or past) business model.

As Aaron said, consider revising your business model to take you out of the equation a bit more.

Daniel, When we purchase homes we use specific models to make sure the numbers work for us.

It is sad to see such a successful CEO, Businessman, and Role Model have to leave the company he created due to health reasons.

I am not interested in spending money locally if it is simply to keep a business open that is incorporating an inefficient business model, my few dollars will not keep them open and it is simply a waste of resources.

If it does have the cashflow, and you can actually get the loans, and it fits your business model, then you should do it.Most of us here on BP are not big fans of buying condos as rental properties, due to the HOAs and their fees.The advantages of using leverage is that you get to control multiple properties vs just a single property in your example.

The spreads have become thinner, buyers less plentiful, and dealing with the roadblocks of end buyers lenders, underwriters and appraisers have made the job even more difficult.That said, it remains a profitable business model if you know what you are doing and until that changes completely, I will continue to plug away at it.I am switching gears some by dabbling in notes and will also dedicate approx. 20% of my time to commercial acquisitions by the end of the year knowing full well the opportunities that exist in that strategy.

If they are larger with more than one bedroom I would stay with the package system (wich can be upgraded to a high efficiency model) and add zoning.