You need to up your standards or life as a Landlord will be very difficult.One violation and I would evict.

Your LTC leverage is also very similar to a bank construction loan but between origination fees and interest charges you will incur  ~$20,000 more in finance charges during the life of this renovation project.

I know many of us didn't get into this game until later in life so my hat's off to you.

Desperate - experienced, nothing to lose type of situation, and the opportunity is so amazing that it is life changing  (Ah what the heck, he was already on the edge, it may work, it may not, but he was in a desperate situation)I wouldn't recommend it for normal people.

Explore my personal favorites, Set For Life by Scott Trench or The Total Money Makeover by Dave Ramsey, for invaluable financial insights.3.

Just $24,000 per year and could be drinking Rum and fruit juice for the rest of my life. 

I am about to lose my car my place to live basically my life.

The key will be to remain flexible, understand the local market dynamics, and position themselves to take advantage of the eventual boom when the project comes to life in 2025.

who used this his entire life and build a net worth of over $1 billion by the 1980s starting with absolutely no capital!  

If I have to use every dollar I have access to and drain my life savings dry, so be it.