Maybe... LOL This is the one in CO? I think my attorney would poop a brick if he heard of me even talking about even preliminary discussions on Slashdot. I kind of like Colorado a little bit. The mountains are majestic there. Where I live there are mountains, I am in them, but they are old and wise - having been around since forever ago. The Rockies are majestic in their rebel-filled youth. They spire high and with purpose. Mine are tamed and have seen the many ice ages and lived to tell the tale.
Where is this property located more specifically? You never know. I may be interested. The closest thing I have to CO is in Henderson, NV. That is not a rental though it was an investment. I use it when I go out to Vegas and I allow family to use it when I am not there and when they are headed out that direction.
Anyhow, a description or whatnot would be interesting. I have never had a seller turn down cash. If I were you AND the tenants were sane then I would consider keeping it so long as it has a return percentage higher than your other investments. I would also make damned sure to pay off your mortgage as quickly as possible including making extra payments where you can. You can request (they hate it) - no demand - that they apply extra payments directly to the principal. Banks are sneaky bastards and will apply them in a manner that best suits them. You have a right (so far as I know this is applicable in every state) to pay the principal down when you are paying more than the monthly payment.
Pay that down, get it all paid off, then sock some money away and let it grow at a steady rate in something solid like the DIA or even Berkshire Hathaway. Let it grow and dump more money into those savings. When you have enough capital buy another rental property. By the time you are on the third or fourth rental (just from my own calculations based on information I found online at the time I was curious) you will actually be able to stop working assuming you make the median income. The key is to get those first few properties tucked under your belt and have them fully paid off.
The major risk, as near as I can tell, is something catastrophic. Insure the hell out of them - if nothing happens then you are lucky but if something does happen you will be damned grateful. My limited research, actually I did a bunch, suggests that the loss of a single property or a single major lawsuit at the start would be the most crushing blow one could suffer unless they are cash wealthy. Right now you would probably be considered (by most) to be cash poor and land wealthy. Getting those to balance would be nice. My guesstimate suggest striving to have enough liquid assets to be able to replace any one single property would be a good starting point. Well, not a starting point. More like a good spot to begin to relax and feel more comfortable.
Then, when you retire, you can do a couple of things... You can keep the properties and have a very nice steady income as everything should be pure profit (minus obvious expenses) or you can unload the property onto someone else and have a lump sum to play with. As the properties may be getting a bit old and you may wish to have less stress in your life at that age you may just want to unload it and buy yourself a small island in the Caribbean.
I suspect, however, that I am preaching to the choir so to speak and that you are already aware of these things. Be nice to your tenants and they will, generally, be nice to you. Let them know, for example, that you have to raise the rents due to whatever reasons you want, and then ask them how much more they can safely afford to pay. Then raise the rent, over a two year period, to less than what they said they were willing to pay. Let them know that you are going to do that and that it will be less than they could pay. They will win and you will win.
Anyhow, ya never know... LOL I have not once considered buying property from anyone in a forum type of environment - well, not land. I have bought other things from these types of things. So feel free to share more information if you want.
Heh... I'll show you mine if you show me yours. ;-)
You can click here:
https://goo.gl/maps/QSeVh
The brick buildings are mine. It is not up to date. On the right is a separate building, used to house doctors offices and administration, and it has solar panels on the top. Pan and move around if you are interested. Hell, you're a Slashdotter, match the standing offer and I'll let you buy it instead of the company next door. They are putting in an office on the side where there is an old white house (on the left as you head north). Back south and on the right you can see their construction as they put in an 80 unit elderly/disabled facility that is, I understand, an assisted living residential community.
It was a hospital until the late 1970s. Mr. Begin bought it, renovated it, and held it for 30 years or so. He did a lot of work to the place and it is still in great shape. Every five years or so we hire a company to go in and remove the ivy. There is a nice river behind it. It has trout, bass, yellow perch, and the occasional salmon. There are some other species in there but they are not for eating. Mostly there are just fallfish and eels. Some folks eat them both but I hear that neither is good and I have never tried either. Supposedly eel tastes good according to some. Others say it is rubbery with little flavor.
But, enough digression. I figured I was not doing anything better so I dug you out a link to see the big apartments. I have a similar unit in Rangeley. It is in an old school though. it has about the same number of units and is exclusively elderly. What is kind of strange about the law is that I can have a rental that is exclusively elderly... I can not have one that is exclusively black, exclusively male, or anything like that. Well, I could... I would end up in court and I would not win the case.
And, finally, lest I forget... Always, always, always approach the town/city. Let them know your plans. You'd be surprised what they will do for someone who is going to be investing in their area. They will waive back taxes, they will lower taxes, they will improve roads, etc... They will pipe in new infrastructure and give you a free connect to water, etc... Just go ahead and ask what they can do for you. It can't hurt.
There... I think that was everything. I just figured I would share my experiences and the results from my research on the subject. I can say that it has been successful so far. I belong to a commerce group of property renting folks and have had lots of good advice from them - that may interest you too. There is likely a group like that in most every state and every city of size.