Any other negative aspects with this idea besides what I mentioned above?

I only mention this to help everyone realize that money is only a small part of life.

I only prefer dealing with "investor minded" Realtors though.

I can not tell you how difficult a challenge it might be to the property re-zoned, but based on your numbers, if the property can not be re-zoned you can not legally rent the third unit, which would result in a negative cash flow at the current price.

You are correct, in all those words, I only made a fleeting reference to refinancing.

If you make a mistake on buying a MF and need to sell it to get out of a bad deal or negative cash-flow, the only buyers are going to be investors.

Thanks Bill.I'm guessing you wouldn't recommend the Contract sales approach to a novice.Initially, I wanted to learn more about assigning lease options as recommend by John Jackson, Brian Gibbons and the others then I one of the local investors in my area held the seminar denouncing lease options and praising contract sales.

I only mention this because I don't want you to base returns on false numbers.

That really cuts into your already thin or negative margins.The condo fees are also generally on the high side and you will have to pay that for all 52 weeks even if you only rent for 12 weeks.

So look at this as an exciting opportunity to learn and grow and not as a negative.