@Brie Schmidt meetup on the North Side of Chicago the third Tuesday of the Month andhttps://www.ccia-info.com/home.html is a great group!

In this case you're paying interest back to yourself instead of to a third party lender.

Take it from a CPA, I wonder how the IRS functions half the time as does most of the country ;-) Why to you think the subject of Flat tax keeps arising with politics and the IRS is always under scrutiny.However, if you get on their radar things can go south pretty quickly.That said, I never said one loan was contingent on the other, thus true third party relationship.  

third i would suggest that you consider a rent to own transactions if you can't afford to buy a home outright, rent to own transactions can be beneficial and in your case probably a better option. i hope for your best. good luck.

A fresh coat of paint, some new appliances, etc... are no big deal, but I'm not equipped to tackle any kind of renovation job, at least not for my first purchase.And on to your third point about good management - I'm tempted to say that for a basic duplex or triplex I could manage it myself by doing online background checks of prospective tenants and hiring a local handyman when something needs repair, however for my first purchase I think its best if I go with a good local management company.If anyone has any thoughts to add, I'm all ears!

We will take the doors off and actually instead of charging extra will give the spots to the third floor smaller units as an incentive (they tend to be harder to rent).

I have 2 rental properties in Rock Hill, SC and bought a third one last month planning on keeping it as a rental.

I'm currently 31, married with two kids and a third on the way.  

The seller is ready to do 10% seller carry and I can probably do 3 to 4% down with some partner equity with new financing.I would like to work only with someone who has experience with hotels/motels specifically as I have heard lenders are very picky when it comes to lending for hotel/motel and require experience from the borrower/partnership to even look at a deal.Here is what I know about the property - Asking price - $575k10% seller carry behind new financing.Total of 16 rooms + 3 bedroom owner's/employee quartersThe property went through a lot of renovation in 20132014 room revenue - $182,250Expenses and COGS - $83,979NOI - $98,271Cap rate of about 17% with an absentee owner businessIndependent motel and does not have third-party/franchise agreementseligible for USDA financing but as I mentioned before the new borrower has to have experience with hotel/motels.Thanks

@Brian C.You can join the meetup group, and about every third time we do a remote meetup where you can dial in.