Can this be correct 5 years free!

You haven't factored in future vacancy, rent loss, capital expenses, etc. into your equation, which would likely take your expense ratio to somewhere closer to 45-55%, or earning about $1000-1200/month before debt service.Speaking of debt service, you mentioned a $75K loan, but nowhere in your post have you mentioned your debt service payments -- they will detract from your cash flow and cash-on-cash return.Not saying this is a bad deal -- I just don't think you've analyzed it correctly to determine how good (or bad) of a deal it is).

You are correct that it will take blocks at a time and much neighborhood involvement to make this work, and that is the plan that I am putting together.

Greg is correct, they are at the courthouse.

Bryan is correct regarding the risk of a BK doing owner finance.

You are correct that they can do what they want.

Also there's closing costs. correct me if I'm wrong but can't you refinance with a HELOC in 6 months and avoid most closing costs?

Getting all the wiring and plumbing correct with out gutting the place would be next to impossible and this way I would be able to get in a couple more units.How are you guys feeling about the deal now?

Some suggest having one entity own assets (e.g. property) and have another entity be responsible for operating and maintaining the assets, so that if someone makes a mistake operating etc. there is some liability shield and the plaintiff cannot get the assets(again the idea of “piercing the veil” is important here).If you are really concerned about liability you should use the right entity (entities), but also make sure you have the correct relatively inexpensive insurance coverages (including but not limited to structure and liability on the properties, O&E on business, personal umbrella policies)The aforementioned is personal opinion and none of the content should be construed a binding offer or agreement.

Many of the concerns for owning condos were explained very eloquently and in my opinion 100% correct.