My family is close to the horse ranch that flooded out in Spring. 

I do exactly what he does.I do both currently .. the lending type activity is my cash flow like those that hold rentals.and the developments are my big hits.along with new home construction.. we are weaning off of doing fix and flip.. as those can be a little more risky than the new construction. and by that I mean you don't really know what you have until you open the walls.with the new construction I can hit my numbers within 2 to 3% every time.. so easier to manage that way... plus a hell of a lot less competition.. every body and their mother and brother is chasing the same fix and flip.. not so in ground up.. takes another skill set and frankly a little more financial horse powerwe will do 40 plus homes a year and have been for a few years now.. with average profits in the 40 to 50k per home range these are selling for 350 to 750k.. bigger ones we can hit 100k per door and I have hit a few in the 150k per door range.. along with very favorable finaincing form my banks at 6 to 7% apr and only pay on drawn funds.. the return on equity or cash is easy 100% per 9 month build and sell cycle. the lending we do is niche and its really NOT lending ..

not to beat a dead horse, I understand you filled it out, but looking at the paperwork, is it definitely a V or can it be U? 

Each unit is 2BR/1BA, located in center of city (less than 2 miles from horse track, casino, bath houses, bathhouses, golf courses, national park, hiking/biking trails and 5 miles from lake) with good market for AirBnB but has a few scattered mobile homes around it. 

Our hosts owned a 150 acre horse farm.

ya'll crack me up...talk about beating a dead horse....lol..this poor pony must have 9 lives...call it the 50% theorum if you want...or the 50% idea...even though it seems you prefer to call it the 45(ish) % rule, bryan...i think it's just easier to call it the 50% rule, so that's what i'll call it, bc it's helped me screen a ton of properties super duper fast...but again, you have the freedom to call it what you want, as do i...

@Suraj NagraniThis is what's going on (not to mention they completely razed an historic Thoroughbred race track to do the following). - Rehabilitation of the 120,000 square-foot Pavilion/Casino gaming facility, and - Construction of a new mixed-use development that contains approximately - 2,995 dwelling units, - 620,000 square feet (sf) of retail space, - 75,000 sf of office/commercial space, - 300-room hotel, - 10,000 sf of community serving uses, and - 25-acre park system with passive and active recreational opportunities.http://www.cityofinglewood.org/depts/economic_n_co...

Putting the cart before the horse is dreadful in this biz.Having excellent PM is more important than having an excellent property :-) You stated that so well.

Learning to get back on the horse is huge...

And when Napoleon lost at Waterloo, their couriers ran flat out nearly killing the horse to the next in chain, gave the info, then that one raced flat out, unto the next and so on and so fourth so that the Rothchild's were actually the first with the news of the defeat.