If you're interested in adding real estate lends as another tool in your toolbox, these are the steps I've learned you should take to vet your borrower before looking at any of their opportunities!
Background checkCr...

I’m fully prepared that there may be unforeseen costs, but I can’t even estimate properly for your standard cosmetic rehab… have you walked through the property?

:Class A Properties:Cashflow vs Appreciation: Typically, 3-5 years for positive cashflow, but you get highest relative rent & value appreciation.Vacancy Est: Historically 10%, 5% the more recent norm.Tenant Pool: Majority will have FICO scores of 680+ (roughly 5% probability of default), zero evictions in last 7 years.Class B Properties:Cashflow vs Appreciation: Typically, decent amount of relative rent & value appreciation.Vacancy Est: Historically 10%, 5% should be applied only if proper research done to support.Tenant Pool: Majority will have FICO scores of 620-680 (around 10% probability of default), some blemishes, but should have no evictions in last 5 yearsClass C Properties:Cashflow vs Appreciation: Typically, high cashflow and at the lower end of relative rent & value appreciation.

You need to know your state laws and brokerage requirements so that you don't get into doing any brokerage activities unless you have the proper license.

We only have 4 units on section 8 right now, but in general, the system works well for investors IF you have a solid property manager who understands the subsides and does proper tenant screening.   

It’s probably still a bad deal for the owner to install in more than about 10-15% of the assigned parking spots.

@Nathan Gesner It's immoral to tell them they can't use the garage anymore (with proper notice), but it's not immoral to just evict them without the option to stay?

So give another 12h notice to the tenant, drive there again and install. 

I'm not lazy or anything but I'm tired of working jobs that don't pay enough to properly support me or my dreams.

:Class A Properties:Cashflow vs Appreciation: Typically, 3-5 years for positive cashflow, but you get highest relative rent & value appreciation.Vacancy Est: Historically 10%, 5% the more recent norm.Tenant Pool: Majority will have FICO scores of 680+ (roughly 5% probability of default), zero evictions in last 7 years.Class B Properties:Cashflow vs Appreciation: Typically, decent amount of relative rent & value appreciation.Vacancy Est: Historically 10%, 5% should be applied only if proper research done to support.Tenant Pool: Majority will have FICO scores of 620-680 (around 10% probability of default), some blemishes, but should have no evictions in last 5 yearsClass C Properties:Cashflow vs Appreciation: Typically, high cashflow and at the lower end of relative rent & value appreciation.