This 5% down option sounds very interesting! 

With that said our deal was: we would buy the property increase value (we have been able to increase rents and the commercial space wasn't rented at the time, we are about to rent that out) and then refinance, the thought was we could get the initial cash out after increasing the value of the property and repeat (sound familiar) - after which we would be 50/50 partners on the property.To my question - since this is a commercial property, would it make sense and is there value in converting this to a condo, where we could get more favorable terms on the residential units (30-year mortgages and 20% DP) versus the terms we have right now?

$150K all in and $2300/mo sounds like a good plan.

@Matt MillardIt sounds like you don’t pay much tax right now.

Sounds like the old lady is dead ??

The Investor group sounds like a good idea..

Sounds like you learned quite a bit from just those 2 flips @Dean I.! 

Thank you, MV Sounds like you are going through some sort of "guru" training, and the trainer is not familiar with terminology and procedures local to you.

@Brian KimminauThis sounds like it has potential to be a good deal if it is in the right location.  

That sound is them stinging the camera!