Would love to hear general thoughts on the numbers, modeled returns, and my general aim for a cash on cash return above 15% in a multifamily property.

I'm curious the different ways this could be structured to ensure some measure of return for each lender.Examples:Campaign A: Physical mailers 6 letters per addressDistribution over the course of 2.5 months$2,500 budgetFrom start to finish, each lender gets a percentage of the deal based on the percentage of the marketing budget given.

Is there a specific strategy you are aiming for? 

With the first house, after expenses, I am aiming for cash flow $150+ which I will snowball into another property.

Honestly, I suggest raising rents in anticipation of prop 10 as a good measure to protect yourself.

Can't see any reason for Country Club being an eastern limit unless your just aiming for college students, there are pockets of nice neighborhoods all the way to Rincons.

My actual expenses are are about 40% but I measure at 50% just to be safe. 

Particularly double check their Sq ft measurements.

., the ratio of days rented vs. personal use).https://www.irs.gov/publications/p527#en_US_2018_publink1000219036The IRS link above clearly defines when a property is ready and available, which is measured differently than fair rental days. 

Try to formally zone and convert it into a duplex, and aim for a much higher appraisal?