Chris,I know nothing about Bozeman,  but my impression about why co-working spaces work so well in my area (Oakland and San Francisco, CA) is that a) holding an office space of your own is prohibitively expensive, particularly if you're only needing it for portions of a week, or even month, and b) our housing is generally on the smaller side, so there's often no where to set up a home office (or at least not a dedicated space). 

If you went this far to "sway" me, I can imagine you'd not want to do anything after signing the lease to ruin this impression and relationship.  

wow so impressive!

They just barely survived the the crash of '06-'09 and have skated by on modest cashflow; but now enough is enough.One caveat, the values are not really impressive and if I were to refi I would surely be negative; they have amazing rates on their mortgage in the low 3's.So, the deal being discussed between us is I would pay for any repairs and other CapX issues that may arise and I will see my return when they sell the properties.

@Howell Conant Welcome.I used to be impressed with the KW franchises, you should at least get Gary's books.

In discussing FHA loans with a couple mortgage brokers I was under the impression that I needed to live in the properties to be able to use them.

I have been browsing the forum for a while and I am really impressed by the quality of both the members and posts.

I've looked at Lee's site and have read quite a few of his posts here and I respect his experience and market knowledge; if I gave a different impression, then that's my error. 

Just heard from my lender who said that all lenders typically have a 12 month owner occupancy clause in the deed of trust but he has never seen it enforced.I'm not planning to push the "never seen it enforced" part, but I was previously under the impression that it was going to be two years before I could jump out to another property and get a second tenant in here and see some positive cash flow.  

My firm has worked with many students from those seminars and I can tell you I am far from impressed.