It has been a very expensive lesson.

Fail to produce K-1s in time for LP tax returns to completed on time, refuse to communicate with LPs, when LPs start to express frustration.Cheryl Cheryl, I'm sorry to hear this.Many investors learn expensive lessons with their early investments.Knowing nothing about this deal (because I didn't invest) I can already tell you the 24% projected return was a major red flag (in my opinion).

@James Tobin  yes FHA will be a very low downpayment option for you.

I also watch occupancy rates and adjust if bookings are low.

At the expense of our original deposit, which would be like an interest free loan to them.

The 6.75 rate is a conventional 30 year w low closing fees (the credit union I used last time).

Finding a property with the appropriate layout is challenging and expensive.

Now all taxes are based on a super low rate you can’t fight. 

However, the rental value this area is very low compared to the Home values and mortgage rate.

For me at least, doubling my profit is well worth the extra two months of expenses on the market.