I am always looking for subtle signs of distress, thinking of new and better uses or property, learning regional growth trends and trying to anticipate markets.For this property, I easily noticed that it was out of place- not being developed in a highly desirable and economically vibrant area.   

I am sorry that you did not get a call when your statement was later than you anticipated....  

.- Conservative numbers, I'm anticipating clearing the $20K in about 24 to 30 months...not including any appreciation/principle buy down...just net cash. 

Although I anticipate approaching family first, I want to get an idea of what paperwork I would need to pursue such a loan so that I come across as prepared as possible.

Not only do you have to decide if a tenant makes sense for the strip center with other tenants and businesses but also if they go out how much anticipated TI will be needed to release the space.If the tenant business is failing 1 to 2 years in for example and they want a rent reduction you can demand audited financials from an independent company reviewing their records.

I will admit that the process was a little bit more complicated than what I had first anticipated, but over all it went pretty smoothly.  

After all that excitement and anticipation I got ZERO calls.

I've been inspired by the most recent podcast to give a quick property update:  Current Occupancy:  98% (was 100 but 98 is probably a good consistent rate)rents are now up to 495 for a 2 bed and 595 for a 3 bedroom... water has now been passed on to almost all of the tenants and will be complete here in a few months when the last remaining leases are renewed.Turnover costs were higher than anticipated as we had approximately 40 people move out so that absorbed all of the cash flow.  

If it's a $30k duplex with 1br per side that rents for $300 apiece, the maintenance/capex/turnover will overwhelm any long term cash flow you'd anticipate.  

Based on our anticipated offer being approved our numbers will work for us where we are comfortable, however, there are a few outstanding expenses that we foresee (prior to our legitimate inspection).