Out-of-pocket is $10k - 4*$506 = $7,976.If we stop here and collect to maturity we have 43 - 4 = 39 payments left on the 1st investment and 48 - 4 = 44 payments left on this new investment.

However, eviction must be by cause (i.e. you can never evict without a justifiable reason - so more or less you are stuck with a tenant unless they stop paying rent or breach their lease, or some other narrow units such as moving in or curing code violations - though then you have to pay relocation costs).

If the tenant becomes delinquent and stops paying rent, Rhino will insure their full $1,500 SD plus an additional nominal amount to offset the losses incurred by the landlord.

This wasn't the service line in the street like the letter talked about it was the line that went from the curb stop to the house. 

That has stopped but we do feel it to be a security issue. 

People should stop applying sale of goods theories to it.    

Fortunately I stopped borrowing on bridge debt a very long time ago so I've managed to avoid some of the distress you are seeing today as these bridge loans are maturing. 

A law degree does not mean you know anything re wraps.If worse comes to worse, you can stop the foreclosure with legal action - it costs some but you will not lose your equity.I would not throw the baby out with the bath water re doing wraps and I do hope all works out for you.Reach out if you need a referral to a good AZ attorney to helpBe careful out there guysAlan Not to be too blunt, but you are handing bullets to a six year old with a gun.

Like if the neighborhood already has too many MFH, then they stop allowing it?

There's quite a bit of history with this property management company:1) They failed to notify me when the original tenant stopped paying rent in early 2023.