I think the market has shifted in most areas, and "too much cash flow" isn't really a concern anywhere with interest rates where they are, whether in Alabama or California. 

I also understand the concern about borrowing 100% of transaction costs.

The tenant isn't stupid and knows he owes the rent, so he will probably pack up and leave before the court hearing.

Take for example the lack of productivity where construction projects often experience time and cost overruns, rework or quality concerns. 

Alternatively, if your project wraps up quickly and you’re less concerned about pulling cash out, a rate-and-term refinance could be another option.Happy to connect if you have more questions!

The downside of that is I am leaving money on the table.

Leave credit cards at home in the freezer in a bag filled with water that has frozen over....lolAmazes me how many people fall for these types of programs.When I buy NNN properties either my buyers wanting to own direct and I find the property or whether they are accredited LP investor on my syndication deals they learn with me while they INVEST CAPITAL to own fully themselves or a piece of the deal. 

If I want to buy something I leave it in my shopping cart for days before buying it.

I have a MTR guest that has stop paying and refusing to leave even after I sent him a demand for payment or leave the property.

For more explanation of what they are feel free to read the many threads on Bigger Pockets concerning them.