@Vy Mai That looks like a seven (7) ARM loan with a 7 yr fixed intro rate.  

I hope I made myself a bit more explicit. 

The quick check list is along the lines of this:  is there the  right kind/amount of soap, is the bottom clean (no broken glass, paper, or forks under the arm of the dishwasher), is there water coming in, is there nothing blocking the spinning arms, is the door to the detergent free to open,  and did you set a reasonable cycle for what you are washing?

We are getting to the point in our life where we need to give our "retirement fund" a real shot in the arm if I am ever to retire. 

I just keep going until my arm gets tired.In the end, I started with cash for 1 property, and when I refi all the lines for the last time, I end up with cash for as many properties wide as I have built.  

However, sometimes folks don't make that distinction, any more than they know that the BBB is not an arm of any government.

EFFECTIVE GROSS INCOME: $89,330EXPENSES:Property Management: 7.5% = $6,700Insurance: $5,112Maintenance: 12% = $10,720 (I will likely modify this number after inspection one I have a better idea of the actual shape of the property)Taxes: $8,568Trash: $1,085Water/Sewer/Common Elect: $6,910TOTAL EXPENSES: $39,094NOI: $50,236Cap Rate: 8.37%Debt Service: $33,672 (5 yr arm - 25 year am, 5.0%)Net Cash Flow Before Taxes: $16,564Cash on Cash (Assuming 20% down): 13.8%ROE (NCF + Princip paydown): 22.1%DCR: 1.49Debt Yield: 10.5%Using 50% Rule: $83.28/unit/month

Most banks here only do portfolio lending on larger commercial deals with an ARM and lower amortization schedule which obviously hurts cash flow.

A great opportunity, a shot in the arm so to speak, even at the price they will be paying, LOL   :)

Loans for investment properties are not eligible if the transaction includes non-arm’s length and/or at-interest characteristics5.