Probably not but then again, you aren't looking to help anyone out but yourself, and if the owner is too tired or naïve or distraught to exercise any further effort on saving their home or selling it for money in their pocket, better you get it than someone else right?

And, I am educating myself to try to start an e-business based upon my years in RE. 

So I’m really eager to take action and put all the BP education to use.

My tax guy is great and should help me through some of these questions but I want to educate myself and not be 100 dependent on what he says.

Aren't "personal pros" what got you into strife in the first place?)

Be careful they aren't able to place a mechanic's lien on your property.

There aren't many "deals" to be found anymore.I make about $80-90k depending on my bonus so I'm not sure what amount of credit I'd qualify for outside of a conventional loan for the loft.

It's an off market deal and the owner has his brother as realtor and they just aren't very open with information critical to the proofing of my analysis step.  

If I were you I would hold on to the condo until you can sell it for more and meet your goal of paying off your primary.It sounds like you aren’t in desperate need of the $ now and are basically breaking even - those margins should keep getting better each year as you raise rent and let tenants continue to pay off the loan for you.

@Chris Pohlson get educated on commercial/mfam and financing associated with the asset class. there's more scale and the financing (debt and equity) can become easier.