I understand that there are some serious downsides to purchasing this property. I am only in the beginning stages of research and will not make my decision until I have done my due diligence.

The motivating factors, as I see them are as follows (in no particular order):

PROS
1. Large, 3-unit with a basement located 1 block from the ocean with ocean views. Each unit is 1500sf.
2. Proposed rents should cover mortgage, taxes, and potential vacancy problems.
3. I have family (my Dad) that I would pay perform repairs.

CONS
1. I live in the other corner of the country
2. Potential problems with renters (legal, financial, etc.)
3. Dealing with family in a business capacity
4. Vacancies and foreclosures are up
5. Other cons/expenses to look out for?

I’m sure there are many more cons to consider. I welcome the devil’s advocate approach because it forces me to strengthen my reasons for pursuing this.