That's my typical price range for Milwaukee suburbs and both will break even at 20% down, slightly positive at 25% and I usually end up with 30% down to get to the 1.2 DSCR.

So - with something like that in place, I would tell you that a property manager is highly overrated (perhaps the better way of saying it is "over-paid") for the amount of work that is typically needed in a month.

These are not great investments and while the experience is not typical for Memphis, nothing I've read or seen should lead you to believe your experience will improve.  

Here in FL that is typically the pool and backyard area. 

The challenge, as you’ve discovered, is that traditional HELOC lenders typically want the property titled in a personal name rather than an LLC.

Local banks typically offer lower interest rates but might require a solid track record and detailed financials.

What avenues do you guys typically find your investors? 

typically (as you probably know) you buy something distressed, with either cash or hard money, you fix it up, and then you refinance into long term debt. 

Will you explain how a typical extension would work, please?

@David Putz I wonder if someone is maintaining a list of where all the servicers are licensed...I can't imagine that would be easy to keep track of, but I don't know how often they would change.Having a resource that has all the typical fee info and service states for each servicer in one document would be amazing.