And that is why I haven't been aggressive.I have endeavored to build my real estate portfolio using conventional financing with (mostly) 15 year mortgages at very competitive rates, and to only purchase properties that I thought would pay for themselves and generate free cash flow to boot, even with higher than anticipated vacancy rates and increased property taxes.

I forgot to add that the potential rents total $2400+ with a chance to increase them especially since the property is tenant-free at the moment.

Things like evictions or rent increases are very sensitive subjects.

The direct consequence is that our initial cash-neutral property just became CF positive in Year 2 and it will keep improving year after year (as long as you can increase rent in line with inflation, and that expenses also follow the same pattern).

For example, some term that somehow increases/guarantees my return? 

Just for further clarity:The property is currently rented and does not need any repairs that I am aware of.

It appears to cash flow and could be improved on to increase cash flow.

This means be aware of every single detail, be sure you fully understand it so that at a future date you will not have questions about what you agreed to.

I bought a property last October in a small town in Northern MI. The property itself has 3 units on it. The owner/landlord that I bought the property from was renting them out way below market value with no security  ...

There are no hard money lenders I am aware of in CA that will lend you 100% of your purchase price.