Just make sure your cost estimates are generous and you or someone else really checks into the extent of the damage.

If it comes across as kind of a sore spot with me, please let me appoligize at this point, but seeing people getting messed over 90% of the time, even if both parties had good intentions, gets old.

If they are just putting it on the MLS and nothing else, then 4% should be sufficient (3 for the buyer's agent and 1 for the listing agent).

We will still have the clause in our lease that says they are their for tenant's convenience only but we'll just have to see what happens when something else breaks.

2-Find out their business ownership/management experience, nobody wants to set someone else up for failure3-IF they don't "need" the apartment, You should advertise & secure a tenant 4 them, w/1st/Last/& security, so that potential "problem" w/both future lender & appraisal is already dealt with (read=documented INSTANT Cash flow, more appealing to buyer, & Lender), preferably w/a nice LONG lease (say 2yrs w/a 1 year extention option)4-Holding a Seller Second makes this a VERY "do-able" transaction, just need to make sure borrowerA-Has great creditB-Good ReservesC-Proven Track Record in Business (4 self or others)D-Realistic Business PlanE-The Guaranteed ability 2 make the paymentsIf they have their act together, You'll know who they are...Let me know if I can be of further help, I've arranged financing on over 200 commercial transactions, & over 50 mixed use subject properties5-& Very Most Importantly....Don't be afraid to "owner finance"..

It's less to worry about because at the current number of units I have there are always repairs that need to be done.But I would never go back to working for someone else...

About the only thing any investor needs to know is that AFTER You close...everything else that CAN go wrong(in the rest of Your life) WILL!.

Obviously, the best properties are going to be ones that generate positive cash flow from day one, that cost you no money down, were grossly undervalued in the market, and which you found while nobody else was looking...But, while you quickly reach limits if you're experiencing negative cash flows in property, it may still be a very good idea to buy a property even if it's got negative cash flow.I may be in the minority here, but...I've got other sources of cash which are positive cash flows and here's only so much you can do to reduce that taxable basis.

It is so tough to cover everything else, that you never think that in an instant, an emergency can wipe you out.

I'm afraid I'll mess up.