This will be my first commercial loan due to the amount of units I am acquiring.My assumption is the loan would require: great credit, at least 25% down payment, and reserves?

Turn Key Type 1 vs Turn Key Type 2 1) Assumption: Turn Key – Type 1 Company Name Invests Mostly Passive Investment 2) Assumption: Turn Key - Type 2 Taking Property Subject To Mostly Passive Investment Assumption: Investor has to get financing from a bank or from Turn Key company Or Invests $80,000 cash Requires $16,000 cash plus closing costs Assumption: Investor takes over seller’s loan (Subject To or Wrap) and does not have to get financing from a bank or from Turn Key company.

You based your assumptions this person is a "repeat offender" because of the length of time the tenant was on the list?

@Brian Garrett so would his ROI be terrible because youre making the assumption that he's placed a large down payment on the properties or simply because he has built up equity from the properties that he's not leveraging at present?

I would have assumed Paul Allen made most of this money from MS but only an assumption.  

I wouldn't be frustrated but for the fact that someone will buy this unit and my assumption is...will make money. 

I am working on the assumption that you bought the first and second home with no intention on renting it out.

If I am correct in my assumption, then my best advice would be to dump those and use a 1031 exchange to leapfrog into solid B/B+ cashflow properties, even if it means you have fewer doors.

(c) Assumption of existing mortgage (see rider for terms).

I would assume that military tenants are more respectful renters but that is only an assumption...