She says she can't sell for what they need (summarizing here), can't rent for a reasonable amount, and so are considering a lease option.

@Collin Savunen  Adam's comment above summarizes well the difference between 1st and 2nd mortgages (thanks).My only other comment - using 0% interest cards to fund the rehab - that's if your contractors take credit cards - many of mine don't. 

You've summarized the pros and cons quite well.

I don’t think that it is anything to summarize as ‘new’ or ‘these days’ it has gone on throughout history.

@Kate Friedrick If you can summarize your receipts by category and put them into an Excel spreadsheet, that will probably reduce your costs, as the CPA will need to do that (if you don't do it for them).Also, remember, AN EXTENSION IS AN EXTENSION OF THE TIME TO FILE. 

Just to summarize for the benefit of all; On the national scene the following lenders offer something, just not for my purpose:Wells Fargo (They actually will on a case by case basis)TD BankPentagon Federal Credit UnionFirst Republic BankHuntington Bank (in their serviced states)Trustco Bank (in their serviced states)Possibly : America First Credit Union, waiting to hear backAfter that, it gets very local

I sent @Brandon Turner an instagram DM about a month ago summarizing my first year in real estate.

Am I summarizing that correct?  

Basically, to summarize my concern, I just worry that history may repeat itself - to cite a local California example - prices ran up a lot in the run-up to the Great Recession in core markets, and pretty soon everybody was buying hot properties in Stockton and outside of Sacramento.

Generally speaking, investors are focused are focused on risk-adjusted return on invested capital.What this means to most people in your position is putting together a prospectus or memo that summarizes the investment.