But, the loan will come due at the end of the balloon period.Due to the risk involved, the longer the balloon period the higher the interest rate.

I don't want this to get to a legal issue, but given the money involved - it might.

I wish I have more tax experience in real estate but I suppose I'll be gaining more as I invest myself and become more involved in the BP community :) My goal is to acquire 70 rental units in 7 years.

I would love to meet investors involved in flipping as well as buy and holders.

The cost involved are couple hundred bucks and don't need an attorney.

@Dan D. turnkey property you are delaying the need to build your own team down the years (assuming they have done solid work in the property) the basic question you need to ask what is the IRR you are trying to target how actively you like to involve. 

I think my lawyer was involved.   

But you want to turn it into a 9-unit residential property, and that would likely require rezoning and whatever else is involved to change the building's intended use.

Just this week end we cashed out 3 buildings and have a mobile part, a VFW Hall and two commercial properties ready to sell.So ------ 18 years ago I went to work for an auctioneer - learned the business and became an auctioneer and started my own company.So-------- I would suggest that you look into selling your contracts (buildings) using the auction method of marketing ----IT'S GREAT - the great thing is you don't need to deal with a buyer's agent, their bank or worry about turn-downs due to any number of thing.

Luckily, the single family property I'd owned since 2012 and just sold last year provided about $60K of that (which was a great example of the power of real estate considering I'd only put $12K down on it five years earlier).I plan to use the BRRR method going forward to make my money go further.