I would appreciate any insight or tips I can use to gain financial wisdom and become successful.

To all reading this thread just make sure you have the financial strength to cover a sizable HELOC payment.

At the same time  what is the cost of the repairs and/ or improvement, how long will it take, how long will the unit be empty with no income and can you absorb the vacant units financially. 

I am loving it and desire to set my family up for financial success because I am actually a college minister.

Again, the City is forcing me, the landlord, to take care of all financial responsibility.

Since this was an "arm's length" deal and the owner was experiencing some financial issues of his own, I add value to the deal by keeping continuous open communication and essentially, giving him some earnest money to help him through the process.

If you ever need help underwriting anything from a smaller Single Family to a larger multi million dollar Apartment Community, I've built a financial model (example on my website) I help investors free of charge if you ever need any assistance.

@Dominic FlintWith a condo you need to check the financial condition of the condo association, as well as determine if a large number of units are owned by one person, because then they will control the association.

Get a REAL proof-of-funds - not a worthless piece of fiction that you can print off from a hard money lender's website.Don't expect your agent to do anything but the most cursory financial analysis. 

I look forward to financial freedom from REI and connecting with others on this site with similar interests  Thanks Doug