@Jeff Dulla it is owned by our LLC, we originally purchased through private lending but had to refi out by 3 years and we were blindsided a bit by our mortgage terms and it unfortunately ate up all of our cash flow.

@Arlen Chou great insight and yes we ate at a Mexican place in Frisco while there that rivaled our California style Mexican food.

The dog ate my rent check!

Items to consider;1) chances are the limits of insurance the seller is carrying ate lower than what your new loan will require.2) Insurance premiums are up 10-15% year over year with increase building costs and inflation. 

Now if he ate the loss then what do you care, let them start over and start filing your evictions from the first day you took over.I guess I don't see how if you have owned the property for a week that you are owed months of back rent unless you paid the seller for it.

The grandkids even know.I guess it was story time tonight, my point....some people ate too many paint chips as children.

So with a new appraisal costing $600 and probably another week to schedule it, I just ate the up front cost and locked down the refi.

Hard money cost ate all of the profit on the lower priced property but we still came out with a decent profit on the higher priced property.

You can choose whether to enforce it to a tee (for tenants who are real stinkers) or you can relax it a little (for tenants who made life easier for you).I've found this approach works well for us:  Friendly - Fair - Fast - Flexible - Firm. 

I hear about them in the form of "OK I lost my arse flipping Chris, now I want to try buy-and-hold, but btw I no longer have a down payment because the aforementioned flip ate it all..."