I will have to look a little further away, and I am considering the fact a property in Chicago would be a schlepp, whereas an apartment near to where I am in the town would be manageable myself (my wife is also a home maker and so she would prolly try it out before resorting to a PM).I like the math working out where if you have to go to a PM worse-case, the math still endures.  

Hey Guys,I have a question, I own a property cash and I am looking to cash out refi, The property appraised at 335K and I am cashing out 190K , my closing costs are considerably high, 15K compared to closing costs I have endured when purchasing my home and another duplex.

I fully realize that no wealth or position can long endure.

My sole intent is to procure investment properties in Low-income, increased crime activity areas, and neighborhoods enduring poverty primarily in Newark & Jersey City.

An accountability partner can help you succeed faster, but most people's lives are not that successful and you can ask people to be an accountability partner, to "get on you" when you are lazy, when you want to procrastinate, when you want to hide in a corner.Being successful in business, I think what was valuable, is to read about what great entrepreneurs like Steve Jobs and Bill Gates had to endure, had to suffer, for many years, before they became great successes.I wish everybody on BiggerPockets a great spring, but it's time to stop thinking, stop reading, and go talk to sellers, and get a coach if that is what you need.Best wishes,Brian@Dev Horn@Ned Carey@Michael Carbonare@Rick Harmon

You really need a few failures and setbacks, not to mention enduring some grinding moments like scraping peeling paint or cleaning toilets before anyone is going to take you serious about developing real estate.

Both of you know the many bad consequences those sellers endured. 

It's state specific but to makes these loans you generally must have an NMLS license, which some HMLs possess, and willing to endure the brain damage, risk, expense, paperwork, and reporting required with consumer purpose loans.

If you're already easily comfortable walking away from ~$4k, an extra $700 shouldn't be enough to endure the stress you'll undertake if you take on this dog of a project.

Not bad for all the hassles we endured.