I have only been buying one property a year though this year I am doing a 1031 exchange so I will likely buy more.In terms of financing, I still have the ability to get 4 more conventional mortgages since I only have 6.

The only efforts taken to sell this property so far have been listing with multiple local realtors and telling friends and family in the area about the condo for sale, offering a finders fee for whoever is able to find a buyer.I am using this opportunity as a chance to practice my ability to market & sell real estate, and perhaps win myself the commission.I am not aware of any central marketing systems in Colombia similar to the Multiple Listing Service, and craigslist doesn’t exist in Colombia either.

However, once he has moved on, if it remains full of stuff, then there might be some real possibilities.Also, if he really has a disorder, he may not have the ability to negotiate with you.

You may end up with you payment being sent back to you and a bill for whatever days they gave you to repair the house.

Thank you both for responding and I wish I had the ability to add more clarity to the question I really have which is how do these types of realestate deals sell when they clearly are not giving a return that's viable.

Don’t underestimate medical science and their ability to come out with a drug.

The only thing they lack is the ability to track overall profit/expense across multiple properties. 

Once you buy the property, you can transfer it into an LLC, but that won't affect the initial rate you get or your ability to qualify.

If COVID and other factors around the Twin Cities area right now increase vacancy, or cause the tenants to not be able to pay on time, how will that affect your ability to meet the balloon payment?

It is important that you are well aware of the lending environment when putting out offers and your ability as a borrower to be qualified.