You paid $2m for it two years ago w/ 25% down (it was suffering from mismanagement and deferred maintenance), invested $325k in capital improvements, and it's now valued at $3m with an NOI of $195k (cap rate assuming $3m value is 6.5%).

If they're funding a deal on it's entirety that I'm presenting to them I'm asking for 10-20% net profit and I'm managing it for 18-24mos then doing a cash out refi to repay the investment plus and switching equity stakes...for smaller buy and holds like multiple single family rentals.  

Does the landlord have to be present in court to testify?

Quote from @Jay Hinrichs: But like I said its only a handful of folks I would trust to be my clients for this type of activity far more risky than vanilla lending.Why do you believe the risks are higher in the scenario I outlined where clear title is guaranteed at closing but not weeks in advance to present to an underwriter? 

The local agent that was present at the beginning of the project had gone completely silent.

Yes, it can feel like "wasted" money on months where rent is auto-paid and there is no maintenance to be done, but when you get a bad tenant or two or when deferred maintenance finally catches up to you, they certainly earn their keep.At your scale, you might be able to get a bulk discount with a good PM, especially if you can show how well your current systems are working and how they'd be needed less than usual.

Investing in the Bay Area, especially in older multi-family properties, presents unique challenges and opportunities.Old Construction: It’s true that many of the small multi-family properties in the Bay Area are older.

This is not a business you can defer to a property manager. 

This includes removing of all commission data from the MLS both past and present.

You’re absolutely correct—at REI Nation, we purchase properties in our name, handle complete renovations, and then present them to investors once the work is finished.