Am I in over my head or should I try it out?

A developer with a good relationship with an architect can get services pre-contract that other developers cannot get and thus has a huge head start on structuring possible deal term sheets or items they can circulate to their investor pool to get a feel for whether or not that type of structuring will work from an overall deal perspective.  

This will be in the Cedar Rapids, Iowa area...Rockwell Collins, Cargill, General mills, TransAmerica, Quaker, Schneider Electric, Dupont, Alliant Energy, several great companies around the area for the size of the city.

If this was your first investment, and you'd be looking at negative 700 a month, I'd really be scratching my head (and maybe even some other body parts) on that call.But the bottom line is that your business (i.e. other rentals) is paying for this one too.

Thankfully I haven't had to deal with this issue but I thank you for the heads up.  

I am fairly new to bp as well and from the Rapid city area.  

Hang on a few more years and enjoy the very low vacancy, maintenance, and rapidly appreciating rent that comes with a condo in O4W.If you have a good tenant, then keep rent the same and don't think about the property except at renewal time.  

You were head of me :-)@Andrew Syrios good point mentioning HELOCs for cash flow management.

Hey Matt welcome to BP, I wish I had my head in the real estate game when I was 17, you are well on your way and surely in the right place!

Never bounce a check again :)  Make sure the bank has online interactions because that is the way most people are headed.