The residences range from $250k to $600k as pre-construction pricing.

The cost of servicing the loan (interest amount in an amoritized loan) lowers over time.And perhaps I was unclear, this is property that I already own, currently it is my primary residence, finaced 30 yrs at 6%, have maybe 15% equity in.

I have since purchased land, as well as two single family residences which are both currently rented.

Is it a rental, a flip, your primary residence, etc?

If this is your old personal residence that you simply can't sell, then it MAY be the best you can do.The purpose of owning rental property is to make money.

This area is largely populated by Indian residents.

Currently this will be my first and primary residence, but I'm looking for a place I can develop - which is my long term goal.

This is for a personal residence and not and investment property although our current home could become a rental property.For starters our house (by our house I mean my wife and I) is not on the market yet and the house we are looking to buy is teetering on the edge of foreclosure.

A garage is not a residence, so LL/Tenant laws generally don't apply (as long is it is not tied to the residence agreement).

In fact I'm moving my family up there (I'm being vague on purpose) tomorrow when we close on our personal residence.