Major casino nearby with no real housing much between Denton and the casino. 

I know it sounds terrible but my borrower also got a big payout and was thrilled with the fresh start so it was a win-win!  

So other states with different laws on deficiencies get to pay for people in casino property states when people strategically default.

We did two full rehabs (2 years apart), lease-purchased it for 2 years, and ultimately -- after all rents, option fees and sales revenue -- made about $3000 on the deal.I was absolutely THRILLED with that $3K.

Your DSCR value sounds a bit high in what you've reported, most lenders would be thrilled to see one over 1.5 right now; you're probably not in a formal due diligence window but the numbers you've been provided on the expense side might be a bit low......

I didn't know that was illegal till HUD called me, the property management people came by to cut the grass and thought the place had been sold and they shouldn't be there, so the agent on the phone was less than thrilled with me.

Most people just like the thrill of the buy and flip.

If that's the case, they will be thrilled to see the catch-up payments along with the POA.

But once you get a little experience and analyze a deal properly, all that matters is the ROI, cash on cash, etc, which of course varies greatly between properties and markets.I'll say that both NYC properties we have were certainly under 1% but both cash flow very nicely and I'm thrilled with them so far -- without even considering the appreciation.

For awhile there I was going to assist some wholesalers by finding the houses for them as the thrill of the hunt is what I enjoy in this, but as soon as I started asking even the most basic questions they got skittish and disappeared so it left a bad taste in my mouth.