Her number is (REMOVED) and she's located in Anaheim Hills, CA.In the oft chance that we wouldn't be able to get this done, we would send our attorney to represent us at sale and bid on the 1st for us to protect our 2nd position.Dion - I don't believe there are redemption rights in California.

Some of my assumptions:- 1 out of 12 months will be vacant- 25% Down Payment at 4.25% APR- 2.0% average rent increase per year (though, that's even questionable in the historical data I've seen in Anaheim)- 30% of Collected Rent as ExpensesI'm aiming for at least a 15% return annualized over five years, including selling the property.

Your tenant has her cake and is eating it too...from more than one source.

Another way to look at it is: does the property tax savings and better mortgage rate outweigh depreciation and repair right offs, etc.....Am i wanting my cake and to eat it too?

I've had tenants who cooked with heavy grease, and it was caked on the walls, and everything, and it took a cleaning troupe 6 hours to clean it.  

Take a cake or other pastry (preferably home made).

I wouldn't have assumed that low of a rate (then again I don't know Kansas), but if the numbers work at that low of an occupancy, the rest is just icing on the cake!!

I'm up the freeway from you in Anaheim, look me up sometime if you have any questions.

Signing a waiver is a piece of cake.  

I was thinking that any powdered products would get caked up pretty quick in that unit.