To conserve your cash, always ask for some subordinated financing (owner financing that is in second place), also negotiate substitution of collateral and discount for early pay off clause in the mortgage document.

In NA, there are three common approaches (methods) to valuing property:Sales comparison approach  - based upon the principal of substitution and is commonly used to value residential properties.Cost approach - The value of the land plus the depreciated value of any improvements.  

While we always hope nothing major goes wrong, when it does, there is no substitute for being able to make it there.Another interesting thing I would say is to look at California market stIll (outsIde major metro) as there are still places that are worthy of investment for commercial real estate, dependIng on your objectives and crIterIa.

So please, substitute the X's for actual numbers.

There is no substitute for being physically present with experienced investors.Let me know if you need any help finding other resources to help you get started!

Adam Bartomeo I agree that experience is not absolutely determinative or a substitute for competence, and I hope that is not what I was conveying in my original post.  

Just put realese clauses and substitution of collateral in the agreement.

There is no substitute for being physically present with experienced investors.I'm always happy to help point you in the right direction for resources or tools on BiggerPockets that can help you with your REI goals!

However, the landlord must make reasonable efforts to find a substitute tenant and minimize any rent losses.

There is no substitute for being physically present with experienced investors.Let me know if you need any help finding other resources to help you get started!