You haven't shared all the numbers, but if that 2nd position note could be at 70% LTV and below and with a shorter say 12 month duration then it's comparatively low risk as opposed to 100% financing for a purchase.

up to Lake and mendocino Counties.for central valley I think less crime north of Sacramento compared to stockton and Fresno.Willliams  .. 

Buyers right now are being overly critical because we have high prices and still high interest rates (when compared to the last few years).

Many thanks in advance,Victor Talking with my friends contractors in the area... some of this contractor offered very low price for their projects betting to build many units and market changed and they simply started to file bankruptcy... when comparing cost it's common you will find higher costs ... been in this market last few years, houses will start to move again in the next months in a normal cycle (not pandemic cycle) , if you're goal is getting long term rental in place for delay gratification...

(Compared with 3.9% for the U.S.)2.

Make a table and compare, as interest rates and years of fixed vs variable rates will be all over the place.  

Cleveland is especially interesting because you can find multifamily properties at lower entry prices compared to other markets.Network locally – While connecting online is great, building relationships with local realtors, property managers, and contractors can really accelerate your success.

I still think the price to rent ratio is very useful when comparing 2-4 unit properties though. 

I just don't see the appreciation upside there compared to other markets that I was considering. 

So they are confusing the subject and comparing to showing existing listed homes etc.