Will likely take longer to close than a traditional hard money (they have to order an appraisal, satisfy lender conditions etc..).

I was looking at nyc buildings website for basement dwelling.I saw the conditions but were confused by 3rd and last bullet (see below).

On the plus side the rare times a Section 8 tenant moves the unit is in rent ready condition because it hasn't been ignored as occupied for 6-10 years.

My condition was that they rent the house for 1% of the costs and sign a 3 year lease.

The main condition was I had to have the downpayment (20%) first, close the deal, and then execute the owner financed 2nd mortgage. 

Summary of expensesNOICap Rate Condition of the building systems  

It would be based on the scope of work of the renovation that you're doing comparing for values in its as is condition and values after rehab 

I don't really want to invest in a D-class area.Tangentially, what are some of your "it's time to sell this property" red lines when it comes to the changing economic conditions of an area? 

Hello Kyle,When screening applications for the properties that I manage, I always look for:- Income of at least 3 times the monthly rent (verified through the employer)- Credit score of 580+- Rental verification with past landlords (no outstanding balances, no late payments, and the property left in acceptable condition)- No history of collections, evictions, or criminal offenses- No overdue debt (except medical debt)I have found this screening standard very helpful when finding tenants who pay on time and treat the property well!

  ( I keep 30 tons on hand before each storm ) We are sending trucks and men out in terrible conditions for long periods of time , at all hours of the day .