So if I am reading correct they will also manage the property but it seems that's not included with the HOA fee, it'd just be an extra cost.Knowing all this I'd definitely say this property won't cashflow.

Sure individual markets could take a big hit (I'm looking at you Boston and SF), but I would be really surprised if the national averages took a hit like they did in 2008.

I briefly spoke to a lawyer that recommended we create an entity for each individual property, so if anyone can chime in on that.

I don't think you should be in a huge hurry to close on a house just to go to Europe for xx weeks...might as well wait and not have an extra mortgage payment. 

Personally, I stay far away from seconds and generally advise others first getting into purchasing individual notes to do the same.

As far as buying 1 property with 3 unit vs buying 3 individual properties, it really comes down the the numbers.  

If a buyer of mine is in the situation where the numbers are heavily reliant on that extra bedroom, I will write it as a contingency into the contract that the legal use of that bedroom is confirmed during the due diligence period so that, in the worst case, if it's unusable, we are able to offer a different amount or back out if the seller won't play ball.Feel free to message me if there's any way I can help!

I have found that it is extremely beneficial to get involved with your city’s community if you want to gain a little extra insight on your own market, and the “5-year plan”.

No lender is required to sell a note to anyone and no institutional lender is going to sell a note to an individual buyer.

We barely make it to pay everything, we have no extra money to invest.