Now...if only we could convince @Steve Vaughan to come join the dark side of developing hahahaDeveloping would most definitely disturb Steve's daily Napping Routine..    

No I purchased it strictly as an investment property.

@Stephanie P.Do you strictly rely on liability insurance for protection in that case?

@Daniel Barbosa I assume you are looking for investments that routinely cash flow $500 to $1,000 per month each and not collectively, right?   

@Darson Grantham Have you noticed these types of creative financing being more strict on who they lend to recently?

Make offers and follow your strict criteria.

To do a break even analysis like you're talking--strictly in terms of $$$ and negating the risk of having a note come due 24 months sooner--you simply run out the interest expense for each year over 7 years on both loans (include a refinance of the 5 year for an additional 2 years) and see where your cross the line. 

-ShawnServices Provided:Market and show vacant properties Negotiate and facilitate new lease agreementsEnsure vacancies are move in readyConduct inspectionsInitiate new tenant move in transitionCollect rentHandle customer service inquiries24/7/365 emergency maintenance calls and dispatching Receive and handle routine maintenance requestsResearch market data for appropriate market rent increases and renewalsHandle tenant disputesConduct move out inspections Reconcile and refund security deposits Monthly and year-end owner accounting File IRS form 1099’s on owner behalf Handle any accounts payable (utilities, taxes, insurance, etc) Coordinate capital improvement projectsFull unit turnover coordinatingTenant evictions Coordinate lawn care and snow removal Connect and disconnect tenant utilities Facilitate City of GF Certificate of Occupancy inspections Enforce late fees and tenant maintenance chargesFee Schedule:10% of gross monthly receipts.

My experience in the past has been strictly fix and flip buying from the auction and wholesalers, so being direct to the seller and helping them with their situation is new to me.

The laws and regulations especially here in the Florida Keys have become strict.