This means it is shared loss/gain proposition and you assume potential liability for any losses including legal issues that may arise.Essentially, your betting that your operating partner has the skill and experience to find, rehab, and manage the property.

Based on my pay/allowance calculations, I want to keep my purchase price below $215,000, to leave room in my budget for renovations/repairs/taxes/unforeseen expenses, and will base my final purchase price on comparable rental properties in the area.After 3 years, I would classify the property as an investment property, and hold under an LLC - relevant laws permitting, I would be my own landlord.

I think my best bet is to go retail here.

I think you're going to have a very hard time finding any bank willing to do a purchase loan based off the appraisal value.Not unless you have a ton of money in the bank.I have a friend that is buying some condo units cash and his local bank told him they would refi them up to 80% LTV with NO seasoning.Now he also has over 500k in the bank too so its pretty easy for them to have a comfort level.You're best bet to tie up as little money as possible isto buy with hard money and then refi rate and term after 6 months.

You should be able to figure this out pretty easily with an online calculator given your cost of financing.

If you go with the school of thought of keeping high LTVs you're betting that interest rates won't change much (what went down will go up).

And if you're moving, you need to calculate the expenses (either way you described) into the equations.

Your best bet is to contact the asset manager and not BONY Mellon.

I'd bet he moved in a poor lease-option tenant and may be trying to pass his problems on to someone else.

If it's truly the $9K/$31K calculation... wow.