@Mike V. I

Turns out a lot of theft was by the very persons putting the stuff into the house.And really its all these areas lower income areas you can call them what you want but its really wild we live in an absolute bubble here in the Northwest vis a vi what you see out there.Account Closed    a Friend of mine from Portlandia calls me one day ( he knows I know the mid west) and says he just found this 80 unit in Memphis for 4k a door.. only needs 10k a unit its 80% vacant.. once it up and running they will rent for 650 a door... and he can sell for 30k a unit and make a bundle..

So vi decided to rent and hold until the market came around, the only problem is the market aint coming around no time soon...

To me for instance why anyone would rent in the mid west for instance instead of own.. when you have 100 s of thousands of SFRs that can be bought for 150k and under which comps nicely vis a vi rent and mortgage payments.

It is IMHO you buy a primary in SF at all cost.. which you did.you may want to look out in the central valley as Joe suggests.. there are also rental markets up in Wine country specifically Ukiah area that could be good.Also you may want to consider the Oregon Market.. its a tweener  vis a vi CA and mid west or deep south..

Each Article spells out the specifics and we focused on II, III, IV, V, VI, IX as they were the most important for us.Article I - Company FormationArticle II - Management (covers who/what/when/where/why)Article III - MembersArticle IV - Voting Rights & Meetings of MembersArticle V - Profits, Losses, and AccountingsArticle VI - Members InterestArticle VII - DefaultArticle VIII - Dissolution and TerminationArticle IX - LiquidationArticle X - Amendment of this AgreementArticle XI - MiscellaneousWe have a signature page(s) with Titles (Members just say Member while the Managing Member says Member Manager).We have 3 exhibits that are applicable to our set up.

I was buying foreclosures in Ft myers Le high and Coral for 25 to 50k a house .. those were selling 4 years earlier for 200k.. no financing you need the bucks. in my mind all of you folks that like rentals.. as long as your tenants are doing well and your well positioned vis a vi your local economy then keep the train running if that's what you want to do..

I have rentals in Baltimore but I have yet to come across any lenders stateside who would be willing to fund the deals in the VI.  

Originally posted by @Phat Vi:@Claude Robinson IIIMaybe you are looking for the appreciation in the future (I don't think this property is in Bay Area based on your listing price so I don't bet too much on appreciation), but just looking at the number, it is a terrible deal.

(i) Balance Sheet;(ii) Modified cash basis Profit and Loss Variance Report; (iii) General Ledger Detail Report;(iv) Property Status Report, Unit Status Report, and Delinquency/Prepaid Report;(v) A listing of accounts payable, if applicable;(vi) A report in letter form, commenting on important operational features which are not apparent from the financial reports, forecasts of changes in operations or physical conditions and significant variances from the approved Budget;(c) Annual Report including a Profit and Loss Statement showing the results of operations for that year and a Balance Sheet of the Development as of the end of that year.