There is a small, approx. 4 x 5 patch in the front that used to be grass and then the back yard.  

.- Why buy a house you have to all the work on yourself (mowing the lawn, watering the grass, etc) when you could live in an apartment building with an on-call maintenance man to do the work?

I ride my bike around my neighborhood here in Sacramento & I often see the house with the long grass, beat up car, dry rot, etc. and think "that looks like a flipper". 

I wasn't looking to be spoon fed, rather just asking a simple question.

Should reference monthly rent, due date, security deposit, lease term, ANY oddball agreements (i.e. cut grass for $50/mo off of rent), deferred maintenance requests, etc.

Also, I believe the Fed is going to start tapering interest rates in November so waiting could really end up costing you a lot more than waiting for the perfect 80% deal.

For a crash to happen, a major occurrence needs to happen, i.e. interest rates need to climb dramatically (which is not likely since the Fed would be shooting themselves in the foot with that), a major supply/demand shift would need to be pending, or a huge financial crisis.

I want to convert a large parking pad and some grass into a detached 2-3 car garage/storage with an 800SF 2bd/1ba apartment above. 

I was looking for a fourplex somewhere in the phoenix metro, and got fed up with the crappy prices of MLS deals. 

FED hikes interest rate3. economy slows down significantly, the unemployment rate spikes4. tenants either stop paying or move to a cheaper location, the new rent is lowered5. occupancy rate approaches break-even level or break below6. your interest-only loan's term is up and you have to start paying higher mortgage7. operator makes a capital call. 8. not enough funds raised. property forclosedIs this as bad as it could get for MF syndication?