@Dallas Morioka why use your own money when you can do seller financing. 

My advice would be, if you truly want to learn the business, lease it up, refinance, pull some money out, and go on to the next one.

I don't have much advice as now the profits are gone and it seems like the best thing to do is to get your money out the deal and move on.  

Never heard of them, is it a hard money lender?

But you have the option to just pay the monthly payment up to maturity in case something goes wrong or if you decide you can use that money better to just build another property instead of paying it off. 

We do have to come up with 40-60% of the LTV through investor money!

Because counties usually set the fair market value of properties  about 15% below the actual sales value.  

Why would someone buy now and make little money for the chance that the rates will adjust later?

Alot of unknowns as you don't have the ability to walk the property beforehand, but interesting process, and pretty good deals exist there.While the Trustee Sales are cash purchases, there are many hard money options that can turn over the funds in time for the 24 hour funding required to complete the purchase.If you are interested, let me know and I can go into more detail, as well as make some other suggestions for you to consider. 

Majority of banks, credit unions, and hard money lenders are cutting back.