There no reason to wait any time or have any “whichever is lower” rule come into play.

There are cell phone apps that help with this tracking, but one of them might have been created by a client of mine (Bay Area, right?) 

Whichever loan was recorded 1st, is the first mortgage.

Santa BarbaraUnder the proposal, evictions of 15 or more units would result in the landlord having to pay tenants four times the median advertised rental rate or $5,000, whichever is greater, and increase the notification requirements to 90-days in cases where more than 10 tenants are displaced.No monetary relocation assistant would be provided for eviction with 14 units or fewer.

A second question would be does the lease count as 30 or 60 day notice whichever is required in your area. or would you have to give the notice after the late payments that in the future rent would be going up?

Hard Money Lender Expectations as a Newer Investor Like shopping for cell phones, finding the right Hard Money Lender (HML) can be quite perplexing.

No....the lender lends 85% of purchase price, or appraisal, whichever is less.  

Then after you use the PML funds for the purchase and rehab, start your refi process and MAKE SURE you are asking for a RATE & TERM REFI, not a cash our refi or they'll request it to be seasoned.On a Rate and Term refi assuming conventional mortgage, Fannie and Freddie guidelines will also allow you up to $2,000 or 2% (whichever is less) as "cash back" which is really just built into the loan. 

@Colby White I use it for total costs, but you can use it in whichever manner makes it easier to quickly evaluate deals.The 1% rule is simply a " deal funnel" tool.

I have a national NNN lender that will give me a 25 (or 30 year) loan on this property but his minimum origination fee is 1% or $10,000, whichever is less.