I took 10k off of their ARV to be conservative, though the CMA does suggest $320k is achievable.Obviously a better HML rate would help the bottom line.

I’ve got about $25k cash, $60k in credit lines, good contracting and industry experience (did multi-family portfolio management for a while) and no job (so no mortgage opportunities).For you MN folks, what’s the bottom of the “crappy but not tear-down” bad?

Bottom of market and had the VA benefit.

Bottom line is answers were irrelevant, so here I am trying again one last time. 

I can assure you not all 1 million  are doing deals or have ever bought a rental.. they pop on get excited realize that this is just another JOB although a 1099 instead of w 2.. and some like it and flourish others well not so much.. much harder than it looks.I just spent the week and will go back today in what many on BP would classify as a guru event.. ( invited guest speaker) and this is a very niche product.. and so that extent the audience from what I could see is pretty advanced.. most successful business owners looking to pivot and we were talking about deals starting at 2 million basically and up to 10 to 20 million.. but there were also a few that are starting at the bottom and paid to be there and i think while not cheap and most on BP would gasp.. but if they pull it off they will have far more success than most trying to buy a 200 a month cash flow rental.. their starter projects are going to make them 30 to 60k a year net first one out of the gate.. but question can they get there ??? 

Then you can collect passive interest on the way down and sell for a capital gain when interest rates bottom out again.If the market is head down for let's say five years, I would avoid dividend income from stocks, because the capital loss will probably put you in the red, unless you can hold til the top of the next cycle.If you find true passive income with low risk and little capital (assuming you have student loans like myself), please LET ME KNOW :)

Definitely seems that the volume of loans and their 'call' or balloon date(s) would be relevant so I think that makes sense.At least here Jack anecdotally I have seen a slightly better picture with regards to evaluating the 'bottom of the barrel' on price point properties here in Des Moines. 

The remodel was just under $90,000 and was top to bottom remodel of both units: new kitchens, bathrooms, flooring, some windows needed to be replaced, plumbing was updated, landscaping, and more.

I'm not convinced that your CPA did anything wrong.Whether or not you filed a partnership return or reported it directly on Schedule E - the bottom line would be the same.

Live upstairs and rent out the bottom units.