When you do the math, $60K X 3 Properties = $180K in total purchase prices X even 80% LTC (max) = $144K.

Math looks horrible if they leave after 6 months.

I am not aware of how much the rent is but do the math, 3, 4 months no rent, plus 5- 7 k rental turn.

The amount of time required will decrease as you have more money freed up to use.How much you are paying in interest each year (note this is simple math, not accurate because the amount that goes to interest and principal changes over the term of the loan).$21.9K$16.9K$23.9K$20.2K$36.2K$26.7K$51.9K

I want to know that first and foremost, and then we can have a conversation about what the right call is to make with respect to the underlying investment because I will trust the decision making of a GP with years of substantited experience and a few losses on the board over  th the novice who purports to have a perfect track record. nahhhh .... experienced GP Fund got hammered too because in their 15 holdings or so they use bridge loan and floating. there's almost no such thing as good and bad as it's 90% losing money in there when they are not using fixed debt. it's just simple math. the only way real estate could have better risk/reward is to have long term 10 years or so financing with fixed rate.

If you don't do the homework, you will give them the impression you may not be up to doing the homework with real estate investing.

You have to do the math or no one will loan to you.  

(Doing your homework ahead of time will have another benefit in that it will make your possible sale/1031 exchange much more smooth if you don't have to fight the 45-day deadline to find new property)

Then, the same as for the first….total amount of hoa fees owed, a few thousand for attorney fees.Understand that very few of these will have any equity and if there is, the pros that analyze and bid at these auctions Every Day, know how to do the math too.

My math has all been conservative and assuming no appreciation/increase in rent/loan paydown which makes CA rent/own ratio's look bad.