Include the finish selections as well so they understand what is being installed (Carpet is cheaper than hardwood and if you install hardwood herringbone thats even more expensive).Then you have the general terms as part of the contract which are insurance requiremens, licensing, schedule, indemnifications, lien waivers, case of default. 

I took out a HELCO on my primary - I understand not cash flowing - could have taken out a lot more but only took 50%. 

Understanding your financing options as a first time investor will also help you act quickly on a deal.

Again, other might feel differently here.b) Skin in the game: as a conservative investor, I understand that the dirty secret of industries that the waterfall compensation is in the line with me and incentivizes sponsors to take more risk.

One of the biggest challenges of investing in Rustbelt cities is knowing where to invest and properly understanding the cooresponding pros & cons.Here's copy & paste advice we share to help to address this challenge:-------------------------------------------------------------------------------------------Recommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a Class A property in Class D area, what quality of tenant will you get?

I understand they purchased their property bit earlier at a lower price, but the difference shouldn't be so significant.

It’s a good idea to speak directly with an insurance agent who understands multi-unit properties to customize coverage for your specific situation.

There's some mis-information and mis-understanding of AP, the process and it's effect in this thread.

Verifying last 2 years of rental history and income extremely important to find the “best of the worst”.Make sure you understand the Class of properties you are looking at and the corresponding results to expect.The City of Detroit has 183 Neighborhoods we’ve analyzed.DM us if you’d like to discuss this logical approach in greater detail!

If I understand you correctly, you got the eviction by the court.