The exception here is when they have a larger property with equity and they can do a 1031 exchange into a multi-family or small apartment.Hope that helps.Continued success!

Was I really going to put in a full-priced, no contingency (except financing) offer on a house I didn't even see pictures of...in the middle of the night...in a smelly FedEx store?

There's no one to really hold accountable for performance except a seller, a seller who probably has a financing contingency.

There's nothing wrong with the windows, except that they are old.

After that all gravy.In the next building to save some money I kept the old furnace in place but cut the heat to the other apartments except one.

If you have your rental in a corporation or trust you might not be able to represent it yourself as many states do not let anyone but lawyers appear in court except when people are representing themselves.

Very good stuff....except for the image of a naked grandma I can't shake from my mind!

So I got a congratulation letter that my offer was excepted and a contract to sign and return within 48 hrs.

If anything, you get more of a direct benefit from the purchase than the charity does, yet you're not a registered charity.I'm guessing the exceptions made by banks to charities is with the expectation that the charities are directly benefiting from the transaction, not investors (like you and me)...so, while you may be following the letter of the bank rules, it doesn't sound like you're following the *spirit* of the bank rules (again, assuming we're correctly understanding what you're doing).In the end, when you don't follow the spirit of the rules, those who make the rules are going to end up changing the rules, and then others are hurt by those rule changes.In terms of questioning ethics, I guess the real question is, if you were to tell the bank exactly what you're doing, would they be happy about it or not?

Many months you will have no expenses at all except the taxes and insurance included in the mortgage payments.