You could then use the profits from this sale as a downpayment on a property that would cash flow better.If you want to keep the property then I would refinance the mortgage and put it both of your names.

But these properties can be profitable and if you keep the properties up you will be able to secure better and better tenants over time.

Would your co-worker be happy with the idea of you (immediately) wholesaling the property for a profit, when he could just have it listed for full market value in the first place?

Over construction of apartments Larger vacancy and inventory for sale5% price drop already in effectI think we are starting to see the beginnings of at least a correction or an inflexion point in certain markets.

Will they tell me whatever i can manage to do but profits them the most or are they a reliable source to discuss my money management?  

You will be able to ride on the other 5 units rents and when you are done with the one you can move on to the next, and ride an even larger cushion of rent.We did this on a 4 unit.

ALWAYS HAVE ENOUGH PROFIT PRICED IN TO YOUR DEALS SO THAT IF UNEXPECTED EXPENSES ARISE YOU WILL STILL BE ABLE TO MAKE A PROFIT.

I could consider a personal loan for that money as well, which would let me rent out the unit faster but would require larger monthly payments.During the second year of interest only, the unit would be rented (accounting for up to 1 month of vacancy), and I would make $496 that year.At the end of the second year, I would refinance, and if the value of the house appreciated at ~2%, I would owe the seller around $10,000 after the refinance.

I am aggressively studying property management, along with about 50 other topics :) because I figure as I pick up more properties they may not all be this easy.No, my time commitments are coming from my intense interest in building a larger portfolio and just being jazzed about the industry and doing more in it.

You deduct the costs of the spec home when you sell the house and the profit is the sale price less the costs.