Plus I don't want to lose out on this one.

I think the property is a good deal even at full price so I wouldn't like to lose this one.

You win some you lose some.

The finished unit is a two bedroom 1 and 1/2 bath two story unit.The side I am getting ready to renovate could be easily split into a one bedroom apartment upstairs and a one bedroom apartment downstairs.

Once the property is ready, find a tenant and manage the property on a long term basis.Obstacle A and C can easily solved by finding a good Realtor who is local to the area and build a relation ship with him/her.

Patrick:This is my first post on this site, but let me warn you that as an HOA Manager and a Real Estate Investor, Condo's require more research than single family homes.I have seen investors lose a large amount of money in Condo's because they did not research the HOA's finances, condition of the HOA, and the HOA's Board of Directors!

Happy wife,Happy life.I run it through my brain everyday..............I can argue with her all day and still lose and she is mad at me or let her win right away and she is VERY nice to me.I like option 2.

Also, OP says he'll just walk away if it doesnt work out, wouldnt he lose his downpayment?

Instead of focusing on the poor family losing their home, they are showing the side of the person that is purchasing that home cheap and reselling it or renting it out.

We know that if both our businesses went bust we could find jobs easily and keep up with our standard of living.