It's been tough trying to find a 12%pa cash-flow property here lately and this a higher return than that.Phoenix has become a little tougher to find a deal with a lot of fat on it, not impossible, but tougher than when I started.

If you have at least two strong relationships (and a few back burner ones) you will have an easier time finding credit in a downturn.  

My first step is to educate myself and with biggerpockets.com I think Ive found a great starting point.I am new to real estate investing although bought a 1-bed back in '95. still have it but a life of travelling put the investing on the back burner.

Clearly nowhere near where I needed them to be so I put it on the back burner.  4 weeks later, I resubmitted the $60K offer and the bank agreed to take it if I could close in 15 days.  

I think that is a red flag that a turnkey provider is making a fat profit.

If I did my calculations correctly, I am looking at a 3% cap rate and a big fat 0 cash on cash return. 

As it sits, $1000/mo on 40K is nice fat 30% cash/cash ($12,000/$40,000), but it's only a 3% cap rate ($12,000/$400,000).

Anytime a buyer can't close on time the only way I continue is with a very short extension and an additional big, fat, non-refundable deposit.

Here's what he told me regarding efficiency:He said a single electric baseboard heating element can eat 3 KW - that's like leaving two burners on your electric stove on high. 

Just like sales where clients think you just list the property and collect a fat check at closing there is a MASSIVE amount more to PM than you might think.