YOY we went from a low of 1,803 to a high of 2,209 which is a 22.5% increase in inventory.

@Chris Seveney is much better informed about the current state of note sales than I am since 80% of my business is originating high yield notes and only 20% is the purchase of existing notes.  

The last thing you want to do is to take out more leverage on these high-performing asset to try to figure out how to make more cash flow.

In this case the offer is only to dive into this one project - I already have 2 protégés).In summary, near rent ready retail units at high LTV have large negative cash flow.  

Sure, the cash flow might be tight, especially in a high-cost area like Seattle, but you’re building stability and experience, which is invaluable when you’re just starting out.To be transparent, I invest out-of-state and help others do the same, so I’m incentivized to tell you the opposite.

If you think it is high, call and get a second quote.

He was previously my teacher in high school, so I've had a relationship with him and I've signed a buyer's agreement with him.

Any less than this, and I worry they will "Side-Hustle" because the income isn't enough to appease the ambitions of the aggressive, high ego personalities that are drawn to GP work and Syndications.

Knowing the Fort Collins market and it's price points a little bit, it doesn't sound like you're capitalized quite enough to get started flipping, especially when factoring in risk (properties in the $300-400k range will be high risk, not good locations).

Highly unlikely except in a probate or estate type of scenario.