I bought my home at $100K below the mortgage owed, and it was an REO for 3 years.To understand why banks are so cautious, I learn from my wife it's an anti fraud thing.

General ideas:A property’s Cap Rate is a function of the NOI and the valueA Market cap rate is the cap rate you would expect for a bunch of properties similar to the one you’re buyingA market’s cap rate is generally fixed for a short time domain: it can change over the years but generally is fixed over the next few monthsA property’s NOI can change very fast.

At the same time it's  cooling well and functioning as it should. 

If you have such a good relationship with a contractor you trust, what function does the property manager serve?  

You guys might be a little quick on the trigger here;  in many, if not most, jurisdictions an owner can pull permits/function as a GC Only on an owner occupied property, not as an investor/flipper, and usually requires the owner to retain the home for at least a year before selling/renting, to qualify for that exemption.While the OP may indeed need a new accountant, he doesn't even know what kind of license the accountant was referring to, apparently he didn't even ask.

PS you want to talk about a cool company to work for.. its off the charts if I was uber smart ( which I am not) I would for sure be trying to get on with that company..it was a combination of being on a cool collage campus and then anti cube .. 

In my opinion it is the best function BP has to offer.

I'm not as picky on the actual free cash flow to say it must return at least $X, but I typically get between $100-$150.I buy things stupid cheap....many folks call them "Class C" units, but we keep them clean, safe, and functional. 

Seen this play many times.. and why I am pretty anti sub too from the sellers side of the table. 

Luckily, they have a great inspection with no findings.Though not optimal, I decided not to pursue my $50 late fee and the whole issue with my renters breaking the lease by using their deposit as the last month's rent.I'm curious if you all know of a more functional approach to this whole last month's rent and  deposit thing.