That's an awfully tight deal. 

I'm a transplanted Midwesterner myself (Chicago) and also a newbie investor.I decided to take Brandon Turner's 90-Day Challenge: having a deadline is a good way to break the procrastination and "analysis paralysis" cycles.

Next time I will know to have it done in writing, including the deadline I need it by.

make sure you have enough reserves that one month doesn't knock you out. if your accounts are so tight that one missed or late payment will cause you to miss a mortgage, then do not auto pay.

Even if we get another 2008-2009....I'll still be miles ahead on the last 5 years of run up alone, and I'll just sit tight until it bottoms out and buy everyone else's shares at rock bottom prices and watch it swing back up again. 

So it's important when you do these deals to ensure your HUD and ARV are lined up TIGHT.

Im a bit tight on cash, because Im stabilizing another property which i finished renovating last month.

Your rates are too good, your loan to value is too tight and you still have plenty of time on the loans.  

We rented a POD, and paid to have all the personal property (including tooth brushes) moved into the POD, locked it up tight, and left it parked on site. 

In his situation all he can do is sit tight and hope for the best.