Down the road when I'm more comfortable I can see myself going out of state, but I don't think I want to for my first experience.If I'm totally honest, I'm probably too risk-averse to make my first property(ies) outside of comfortable driving distance (max 3-4 hours), leading me to look in places like the high desert (Joshua Tree, Yucca Valley, etc) or mountain destinations like Lake Arrowhead/Big Bear. 

Then their is the gigantic apartment for sale on Carroll but that is a no fly zone for me.Combine this with my post from the other thread on too much A-Class inventory coming on line right now and I think it would be wise to really sit down and figure out real exposure to risk before buying any multifamily around downtown or Notre Dame right now.Edit: The above was super negative!

It is a higher risk having only one property in a down turn than having multiple properties.

Fannie/Freddie loans will carry a fixed rate, they will have a lower rate, and they will help you qualify for other loans later.Now, if a bank is telling you they can't refinance because of "seasoning", is that because you purchased it with cash?

The neighborhood property price has gone up in recent years for about 30% and I am thinking about selling it on the market to investors (8.87% cap) but first I like to present it to the tenant/operator and offer owner financing and carry a note.

All investment has risk, otherwise everyone would do it.

Speculating on the market could get you in trouble and its a factor of risk that you cant control.

(and try not to spend it yet)Am I taking too much risk by not getting payments for 5 yrs .till the end? 

In fact I could carry an additional loan to my house right now and be fine with the payment and all that comes with it and still save.

Plus with looking to make the move into multifamily with a purchase next summer, I see this as pretty low risk.