I don't have any useful answers @Kyle Buck, but here are a few questions you need to address to get your arms around an answer: The location is going to play a big part in the equation - will your 6 plex also be located in the DFW area? Have you done a pro-forma to see what the financials and value might be when the 6 plex is stabilized? Do you have any estimates and a timeframe from companies to demolish & build? What do you expect the carrying costs to be while the demolition & construction are underway? These are some of the big pieces. Best of luck going forward!

As it sits, the seller wants to unload the property at just under a 6 cap. At first blush, the asking price doesn't sound like the seller is too motivated. Is the seller already under a 1031 deadline? Is it in an area experiencing rapid appreciation? I know you indicated the rents are below market. Where possible, you can also amp up the gross income with storage fees, coin operated laundry, and the like to make a tempting pro-forma P & L to sell the deal to others, whether a partnership or investors. I don't think a wholesaler will find there's enough meat on the bone though.

Super @Robert Sullivan! I look forward to hearing of your progress and first conquest - whether this property or another. Keep us posted!

@Yvonne Spencer Will do! I'm primarily interested in rust belt areas currently, but the appreciation available in some areas of Tennessee are tempting! You may be hearing from me at some point down the road.

@Gordon Ballantyne There's no accounting for courts' rulings and juries' opinions, so buying your own listing can be a bit dicey, especially if you make a profit on the deal. It's doable, so long as you disclose to everyone what you're doing and the possibility you'll make that profit *before* you set anything in motion. If everything's disclosed and no one feels they've been taken advantage of, you're likely OK. Ugly surprises can bite you if something goes sideways though, and someone feels cheated or has to take money out of their pocket. Having said all the above, lease options and lease sandwich options always result in the owner-seller and the tenant-buyer paying you money. Just be careful with it!

Darth here (lol, couldn't resist! :)

@Gordon Ballantyne Yes to both Gordon :) My wife and I have a few rentals that generate some additional income, although I can't say they've been without some challenges. Beyond that, we're actively hunting for multi-family or self storage properties that make sense. We've run into an issue with conventional financing though - the banks are have a debt to income ratio ceiling which precluded our getting financing for additional purchases. Now we're hunting for alternate financing or investors to sidestep the hurdle the banks erected, and well as looking at commercial wholesaling as an additional resource.

@Gordon Ballantyne I'm located in the south east corner of Michigan, and work in southern MI, northern OH and IN, the SE corner of IN, and a bit of WI. I'm focusing on wholesaling commercial multi-family and self-storage properties in those areas - unless I get lucky and find an investor to partner with. I signed up as a Commercial Dream Partner with Peter and Paul, so I'm using the tools they've provided to make the hunt easier. I've also joined a REIA group in Troy, MI - the networking opportunities have been great! And you?