But when the two elevators went down and we realized we were barely able to make DSCR and weren’t cash flowing enough to cover long term major maintenance and cap ex, we had to pivot into Plan B.in regard to renovating in a partially occupied building, it’s a nightmare.  

We have a tons of lots around here like the one you described, many of which can be bought for cheap and are not listed because there are just barely any buyers for such.

To me it seems the properties will be in rough areas which has higher turnover costs, barely any appreciation and a head ache.

How he was barely hanging on and wasnt getting paid any of the money I was sending the GC.

Listed a property in the fall here in LC and barely got any bites.

Typically speaking 20% down (80% LTV) is the bare minimum that commercial lending requires.  10% down is unheard of unless you are getting a great deal and negotiate some small seller financing in second position or getting an SBA Loan for acquisition where your business will occupy over 51% of. 

Most of my fix-n-flips are financially at least second base hits, or home runs, but this one was barely a base hit. 

I'm barely considering my second house, just bought the first in Jenks school district 10 months ago.

Either1) your startup takes off and you can distribute profit fast enough to pay off your debts, or2) you find another source of $100,000 a year (which barely even starts to pay down the $300k, but might provide a better chance for a better loan), or3) you BK and possibly lose the rental houses to creditors (hopefully not, but we don’t know how they are held), or 4) you sell the houses, take the tax hit, work with the IRS on a payment plan whose interest will be much lower than your CCs, and focus on the startup.  

Consider if refinancing after increasing rents could work, and whether MTR/STR demand is strong enough to sustain long-term profitability.Keep as LTR with Minimal Cash Flow: While this avoids a cash outlay, being cash flow negative or barely breaking even isn’t sustainable long-term.