How would you guys deal with this?

Charlotte is a great market (though it is seeing a lot of new construction this year!). 

tax advantages for multifamily investors fall around this concept of "real estate professional". i wouldn't touch life insurance for this purpose. 

In the closing docs, there was a document that signed over the rights of the current lease to me.

This is most important in states where licensure is optional.

in my area probably bring enough to cover my holding costs while we wait for this tax treatment.

*This post does not create a CPA-Client relationship.

@Jesse Dominguez-Castelan You should also explore one of the quickest options to this situation - reach out to the seller financing provider and see if he'll extend the balloon a few more years.I did this in the past when my 5 year balloon was about up, it was a simple email checking if he was happy with the arrangement and would extend an additional 3 years. 

As the world warms this are will become more desirable.What do you think, Patrick?

This means a potential all cash deal, which is a huge waste of money.