There are good deals to be made but that price point isn't an indicator a a great deal.

I was thinking of minimizing income taxes if you ever sell the property but minimizing property tax will be more important if you continue to hold it.Implied in Deanna's comment above is that control is not the same as ownership.  

Has anyone worked with a buyer that was being fully financed from a lender through a program that indicates to the buyer that they require no money down & no closing costs.

Where your CF/ appreciation is balanced and tenant quality is minimal headache.

Just make sure it is convient for you and have minimal distractions.  

If I take out a HELOC, I can pay it down whenever I want thus minimizing the actual amount I pay in interest (regardless of rate vs cash out). 

Hi Nick, It's a little difficult to say because in the ad and your post there is no indication of what the expenses for the building are.

Another item to consider is an office location that is convenient and has minimal distractions.You can locate your office in your place if you can close it off and has minimal distractions.  

Thanks for your help -would you be able to provide the bank information you indicated you could recommend for a HELOC loan on an investment property.

I have several questions ranging from minimizing gift tax up front, to the potential of getting US based equity lines against the property priced as a commercial asset (We're going to be renovating the building into a 7 unit complex).