I consider this type of construction highly desirable, but what I can share with you is the financing can be difficult.

Also because the neighborhood may not be the most desireable so they do what they need to to get it rented.

Seriously man, consider walking away from this deal and picking up something a bit easier.I commend your desire to jump in with both feet... but trying to do a studs-out finishing job as your first rodeo is begging for trouble.Get a few more bull rides under your belt before you jump on something like this.

.* Generally have higher gross rent yields (admittedly expenses can be higher due to common utilities and common area mainatenance, offset by economies of scale over time)Once I have 7 or 8 conventionally financed multis (mostly 2 and 3 BR units to avoid transients as much as possible, and to capture large Section 8 allotments), I plan to focus on SFRs for buy-and-hold, using local bank financing.Advantages of SFRs:* Greater rental demand, quicker tenant placement * Longer tenancies typically* Better resale options, including O/O buyers* Tenants pay all utilities, maintains yard* Can rent under lease-option if desired* Less concentration, more diversification* More liquid; if cash needed can sell one houseDoes this seem like a reasonable approach?

I ended up buying office space with my partner nearby and she moved in with friends at a salon a few streets away, so we changed plans and rented the 3rd floor and took the first two as our residence.The house is a 125 yr old mansion on the very edge of one of Louisville's more desirable (and pricey) urban neighborhoods.

The trick is buying right and finding something that is desirable for prospective tenants.

As far as portfolio money (the banks money) - you can imagine mortgage back securities on the banks books are not the most desirable to bank management and shareholders.Sorry to beat around the bush - but to directly answer your question find a loan officer who you get along with and have a good repoire with.

Pretty simple...But that wasn't the question...the question was how desirable is it to have an HOA over your rental property.

You need to figure out what your strengths, temperament, goals and desires indicate in how to manage your properties.

Owner figured it was worth 90k..I br $3602 br $4502/2 $550Total of $1360 in rentsOperating expenses $680 (50% rule)Desired cashflow $300 ($100 per unit)$380 Debt service (prin & int.)Offer $55000 (55k @ 7.25% for 30yrs = $375.19).If they wonder why so low, I tell them exactly what your reading.