His sunk costs seem to be low. As long as he actually doesn't buy the apartments and do this, the risks are small. Worst case scenario is he terminates his lea

His sunk costs seem to be low. As long as he actually doesn't buy the apartments and do this, the risks are small. Worst case scenario is he terminates his leases and he's back to square one. This is a dream real estate scenario. No mortgage, and really high cash flow every month. The risk is that as more people do what he is doing, supply will increase and prices will go down which will likely make his cashflow equal his lease payments.