We also take our draws/income in a different proportion that what each of our Basis' are.One things that I have often wondered when people are thinking of doing the S-Corp thing to 'save on FICA' - I get that, in general.

Now, if you have a good Broker and he is set-up at 8 different lenders already and he/she is great at the processing and getting loans closed then I'd say they are worth their point. 

@Scott Tennell there might be two different definitions here to the PML term.So, if you mean you are reaching out to PML that lend money all the time and have experience doing it - then they will tell you what their requirements are.  

I tend to do a quick dirty look at a building like JW with price per door, but after that sniff test, I quickly like to understand $Cost/SF and $rent/SF.The way I look at a single family, 2-4 units, or a 20 unit is all different, but the end result is still ROI or IRR (over time). 

Big difference.

Plus, if there is a default, I'll either be bought out or moved onto a different note with the same yield. 

What resonates with one person may be different than another.

If it was me...I'd check with zoning to find out how many dwelling units I could build, and I'd find what the requirements are for those units (type of house, height and setback restrictions, etc.).Then I'd find out what local builders think the cost to construct would be - just get a cost estimate per square foot for 2 or 3 different levels of finish.

@William Causey depends on the transaction and the parties involved.Agree with @Dennis McNeely on some of the transaction costs.A different issue though is with an Assignment, the buyer gets to see what you paid for the property.

How long it takes to be financially ready is different for everyone.