But he downgraded his house in Orange County to move in a condo so he can use the excess cash to invest in the mid west.. fortunate enough he has someone like me who he can trust to manage his properties.

He got prison AND had to payback 7 mil lol“The scheme involved kickbacks from condominium builders during the 2008 financial crisis, kickbacks that were hidden from lenders to convince them to fund loans in excess of actual purchase priceGroup members bought units for themselves and their relatives and on behalf of “straw buyers” with good credit scores who were recruited under the guise that the purchase was an investment opportunity that required no down payment and would generate rental income, prosecutors said.

I also think it matters how many you have, if you have one property you need more reserves than if you have 100 properties.  10K a house cited above might be about right for a person with 1-5 units but if you have 100 units setting a million bucks in reserve accounts is probably excessive, since its unlikely all 100 units will have a problem at the same time.

Should I take this excess cash and pay this down to get rid of that monthly payment or should I put it into consolidate it with the rest of my RE investing stash and move on to my next building?  

We’re working on maxing our both our 401k contributions while also saving for rentals...once the 401ks contributions are maxed then all our excess gap will go into real estate.

Sometimes they will take the loss or whatever excess proceeds there are beyond the 1st.In this example, if the 1st is owed $33k and the 2nd is owed $37k and the property sells for $60k at auction, then the 1st will be made whole at $33k plus foreclosing costs and then the 2nd gets whatever's left.

The amount on the letter was higher than the sales price of the house. 2 days before closing (within the 25 days of backing out incase of financing not being approved) the buyers agent came back and canceled the contract, and provided a letter from the lender which stated 2 reasons for financing falling apart. 1) Insufficient income for amount of credit requested2) Excessive obligations in relation to incomeThe buyers agent also told my agent that apparently the buyers had purchased a car 3 months before they went in for qualification and the lender didn't find that account in their credit report and thus provided the pre-qual letter. 

You maybe able to find it lower but those "discount" property managers always seem to have a way to make up for it via excess repair charges and fees.GA overall is very investor friendly but it is variable by county.

wasting your time.. 100% financing happens for well established experienced flippers.Beginners NO.you can try do hard money but of course they want 3k to have a hope of funding  deal so its not no money down.you would do much better finding a money partner to start than thinking you can do real estate with 1k of liquidty.Frankly all the no money down deals can happen in theory in practice for those with no money its darn near impossible unless your in a market that has huge excess inventory that folks are just dying to get rid of ..

I also actively look for great insurance companies that have an “appetite” for providing insurance for investors.