You can use it to produce floor plans, renderings, walkthroughs, etc.

Sometimes that can eat up all of the cash flow that a property should produce.

It's a completely different process for appraising, loan origination, and ownership structure between residential and commercial.Commercial is based off income the property produces, residential is based on comparable nearby properties.

This puts me at about the 1.2% rule on most of mine so they are producing some cash flow.  

@Julian Joseph  Personally, I'm of the mindset that debt that doesn't produce income is a bad debt. 

So the government does not get involved in producing housing, but fills the affordability gap through the private sector. 

It would produce about $1,600/month in profit if fully rented.  

Google and check out CRM’s like Realty Juggler, Ixact Contact, Lion’s Desk, Top Producer, etc etc.  

not necessary to do anything. you can if you want and can handle it with a note modification agreement that you can produce yourself ..

Then we can sell it, split the profits (which should be anywhere from $300-$500K depending on how bad this place really is) and I'll take my share of the money and put it down on income producing property that will cover my rent on a new place.