I've posted previously on how Subject To works and it should be rewarding to do a Search at BP for "Subject To." or you can send me a colleague request and I'll answer it for you.

Believe me - it works like a charm.

It's very possible, if you are lucky, charming, or whatever found a kind person who's allow you to do that. 

You are not rewarding bad behavior; you are paying to get the tenant to give up a unit they are legally entitled to rent at rent increases of 5% + CPI (capped at 0%).  

4) Is the risk worth the reward for doing this without an agent on a first home purchase?

Purchase price: $365,000 Cash invested: $90,000 Charming Log cabin in the heart of Maggie Valley.

In the bigger luxury buildings, these condos go for $1,400 or more per sqft.There is a lot of upside potential buying a 3 or 4 family building, spending $50k on legal cost of conversion, renovating for upscale with an additionally $50k or so per unit, and reaping the rewards when you sell at the higher price per sqft.I don't actually look at my multi-family buildings as a building.

We will also consider partnering on deals if that suits you better...we simply need the reward to be commensurate with the risk.

If you buy in one of the Denver-area cities that actually allow Airbnb and short-term rentals in investment properties, then you get a trifecta of benefits:You can actually cash-flow quite nicely; andYou still get that same appreciation play; andYou have a home to visit in the best city on your list (see point #3 below)Denver and Colorado are just great places to live and visit. 300 days of sunshine, proximity to the mountains, numerous "charming" areas with bars and restaurants scattered in neighborhoods, great beer, legal weed (if that's your thing), awesome arts and parks and no humidity (sorry Austin, your air is just too heavy!).

You just gotta know the in's and out's and the risks and rewards associated with these types of deals.