@J Scott I saw in a earlier post you said you assume about 45-55% for CapEx/Repairs/Vacancy?

The consultation with the lawyer was about 45 minutes.

@Ray HarrellSellers will owner finance because (1) they will be able to sell for a higher price because they will sell to people who can’t get institutional financing, (2) they think the interest rate they receive on the money they financed, usually 6-10%, is better that the 2% bank accounts are paying (3) they get to spread out the gain on the sale of property over many years and not be bumped into a higher tax bracket immediately, or (4) they can sell the property faster as a buyer doesn’t have to wait 45 days to fulfill institutional lending requirementsBuyers may want owner financing because (1) they save the points and other fees associated with institutional financing (2) they may own the maximum number of properties financed allowable by lending institutions (3) they as full time real property investor may not be able to prove the amount of income necessary to obtain a loan (4) they may not qualify for conventional financing, only hard money, in which case owner financing may be at a much lower interest rate (5) they may have liens, judgements, etc. outstanding that make obtaining outside financing impossible, (6) they may want to close quicker than available with institutional financing.Please let me know if this makes sense

I can also come out after at around 9:45.  

I'm running numbers and it will take 4-5 years.

Our PM received 45 qualified applications.

There are those that will tell you they can do something up front, then proceed to take 45 days to close and ask for more documentation than a Fannie and Freddie loan.Then there is those that act as private money and can close in 5 days!

I may consider 4-5% reduction but was not sure if I need to wait more than a week to reduce or not. 

You'll figure out the sweet spot for which layouts make the best returns, in Austin it's 4-5 bedroom+.

Likewise I have electricity that runs $90 a month for a 3 bedroom and $45 a month for a 3 bedroom with a different electric company.