Like I said, either way you should be okay; if it's a 4 unit in a commercial zone, as long as the "highest and best use" is 4 units, you're good.If it's a mixed use property, as long as the majority is residential O/O, you're good as well.Nice findStephanie

So my only fear would be having the 10 years come due right in the middle of a major economic crisis when little to no money is available for refi.

If a major event does occur (ex: fire), then what is $4000K when something so drastic happens?

A majority of them are more flexible after april 15th. 

@Zach Crawford You can still get mortgage under portfolio product.

4 bdr house with 2 bath, remodeled kitchen, no major damages or repairs in FullertonSqft: 1377, 6018 lotPurchase price: 460,000Closing cost: 13800Down payment: 92,000 20% downMonthly mortgage: 1864.60Rent income: 3000Property taxes: 421.67/month Insurance: 100/month Vacancy: 100/monthCapex: 150/month Total expenses: 805Financing: 1864Income: 3000Cash flow:~330ROI:3.74So this is just me practicing for a property in Fullerton.

you can install a product such as xps foam panels against the brick.   

Back then it seemed like the best major metro areas to invest for CASH FLOW purposes were:  Indianapolis, Memphis, Kansas City, Oklahoma City, and maybe some cities in Ohio. 

To answer your major question, no - you can't just enter and take possession. 

Moving most of my business to Des Moines, but still have the majority of my property in the Waterloo/Cedar Falls market.