The cap rates are only around 5-6%, which I’m already achieving with high-yield savings accounts—without the hassle of property management.I’m wondering if it’s worth pursuing the condo in Hallandale Beach or if I should consider investing out of state.

Let's work together to achieve our real estate goals!

Balancing both goals can be achieved through a hybrid approach, where a portion of funds is allocated towards paying down the primary residence while also saving or investing in another property.

It'll probably take you about the same amount of time to achieve either goal.

Maybe you and your wife should sit down and brainstorm your goals and desired outcomes and then set about making an actionable plan to move towards achieving this.

Counter-cyclic investing is an aspiration that few achieve - kudos to you.  

I'm on a mission to achieve greatness with every step I take on this earth.

As an investor that is WAY too early and extremely complicated to achieve the transition to a Title.If you guys need a call with me to clarify anything let´s share a virtual coffee (or beer, depending on time) and talk some Real Estate.

And, even if you could find an appraiser to do an evaluation, it's not clear how that would help you.As you state, the motel has been shut down for nearly three years, so there's no current financial data.But even if you had recent numbers, you're planning to operate it as a sober living facility, which I suspect is a very different business model.You need to find a comparable facility in or near your local market and develop your own customized financial analysis model based upon this particular property.Then, given your business objectives (cash flow and cash-on-cash return, I assume), you'll need to back into what purchase terms you'll need to achieve those objectives.Only then will you be able to determine whether these seller financing terms will work.As far as documentation to get started, a letter of intent (LOI) is commonly used but you might move straight to a purchase and sale agreement, particularly if no agent is involved.Whichever path you choose, just be certain to give yourself plenty of time to thoroughly perform your due-diligence.

An attorney and escrow achieve the same result for far less.A lender will only lend on what an appraiser appraises.