If nobody is going to bid that high the lender simply takes the property for the minimum bid.

III. 35% of the high-demand prime commercial space (~10,000 SF) was vacant at close and was never marketed for rent online.

Just make sure you try to househack in a desirable area where people will pay a high amount per bedroom. 

This is what we have recently purchases for both 2 and 3 bedroom homes LG 7.3 Cu. ft model DLG7151W , washer LG 5.0 cu.ft. high efficiency top load washer (no agitator) model WT7150CW. dryer LG 7.3 Cu. ft model DLG7151WThe Cleaners love them and recommend them to their other clients to purchase.

:Class A Properties:Cashflow vs Appreciation: Typically, 3-5 years for positive cashflow, but you get highest relative rent & value appreciation.Vacancy Est: Historically 10%, 5% the more recent norm.Tenant Pool: Majority will have FICO scores of 680+ (roughly 5% probability of default), zero evictions in last 7 years.Class B Properties:Cashflow vs Appreciation: Typically, decent amount of relative rent & value appreciation.Vacancy Est: Historically 10%, 5% should be applied only if proper research done to support.Tenant Pool: Majority will have FICO scores of 620-680 (around 10% probability of default), some blemishes, but should have no evictions in last 5 yearsClass C Properties:Cashflow vs Appreciation: Typically, high cashflow and at the lower end of relative rent & value appreciation.

It should be noted that this is a coastal town with a high appreciation rate. 

I planned for it financially, but it's a headache for sure. your rent is too high if they are sitting vacant.. there is more inventory than butts to put in them.. therefore competition for the few qualified tenants this will cause rents to go DOWN.. if a property is not rented in 2 to 4 weeks your rent is too high .. this is one of the major risk factors that many dont see when buying in a subdivision of group of ALL new rentals..

@Matthew Giblin you're highly unlikely to succeed if you spread yourself over 4 markets.Recommend you do more research and just pick one of the 4 markets.Then do a trial run and see how it goes. 

My challenge is that the equity is siloed in a high number of properties which complicates our ability to draw against it and leverage that for operational and investment purposes.Do you all know of banks willing to work with investors and able to underwrite at the portfolio level, rather than having to apply for and open HELOCs on a per-property basis?

If PPR gave a percentage of its profit (which is likely very high or else they couldn't pay 12% year in year out) then their fund might be worth a second look.The fund PPR I was in sent out their first round of notes to buy and they were all in the rust belt, with VERY questionable collateral values and most under $50k.