hmmm...my first reaction, like roger is
but, if your not keeping it for 10 years, you would not only have the income, but be able to write off expenses.
I don't know, can you deduct interest and taxes off a property you're not living in? I would think some way you'd end up deducting it.
When I rented my house out for a couple years, I was always able to find enough expenses to basically write of any profit. Mostly through claiming depreciation.
anyway, what are you plans...keeping it for more than 10 years or not?
Also, I'm sure you've heard landlord nightmare stories, from the enormous to the absurd.
I'm assuming the condo will be local? I had the problem that I was 1000 miles away, and my tenant would deduct from the rent and provide receipts for repairs around the house. The thing is, she would call in an electrician to change a light bulb.
No, not really of course, but one time she called me to tell me she was going to have to call someone in because of something wrong with a light fixture, and the estimate was well over $100....I told her to wait because I was traveling out there anyway the very next week.
When I got there, it was basically a loose screw in the fixture, which I climbed up and fixed myself in 2 minutes.
I remember asking her what made her think something like that was worth paying over a hundred dollars for? duh.....
ok, I'm blathering...sorry...
anyway, what's your plans for keeping the place long term?
Are you sure you'd be able to keep it occupied?
Would you be able to sell it when you want to?