Also I am highly suspect of a company that would use an endorsement on their hope page of the controversial author Regina Jackson, whose claim to fame is hosting expensive workshops and writing books that claim all white people are racists. 

But from a moral & ethical perspective, you may want to decide at some point to just eat it and accept write it off as cost of doing business.

To be honest, I´m in the Maintenance & Construction for corporate businesses for some US companies in Mexico and we do some Real Estate down here also, but it´s way much different than the US, so I have much to learn from a lot of people around here and as @Julio Gonzalez, I think this is pretty much the right pad and place to start and to break my fears to start all over again from scratchAlso, I´ld like to hear more from @Justin Brickman why he voted for his city, pros and cons, it will help to read from a local...As I said before, thank you all guys for taking the time to write in this post and share some experienceDo you plan to owner occupy. $40k will not get you a non owner occupied San Diego property unless you find some unlikely alternate financing.

for me I would have been better off donating that 75k to habitat for humans would have got more out of it than a tax write off !!

I sold the other Class C while it was vacant - I saw the writing on the wall so decided to cut my losses. 

Living in the Los Angeles area sounds somewhat similar to what you experienced with cost of homes etc. thank you for writing this up!

But the moment you say "well that sounds awesome, can you get that over to me in writing" it instantly turns into uhm's ah's and but's. 

“If we are unable to continue to raise sufficient capital through this offering, there is a strong likelihood our business will fail and you may lose your entire investment.”RAD declined to directly answer detailed lists of questions from The Inquirer, saying in a statement that they contain “various inaccuracies.”The firm did say it works to “comply with all securities, licensing, landlord-tenant, and other applicable laws and regulations.”Now, the SEC wants to tell federal prosecutors about allegations concerning the divergence between RAD’s online pitches and its more downbeat official self-descriptions.ADVERTISEMENTThe allegations are contained in a complaint sent to the SEC by a fraudster-turned-self-styled whistle-blower named Barry Minkow, who said he gathered material from RAD for his report by pretending to be a potential investor in the company.Late last month, the SEC asked Minkow for his consent to share the document with the Office of the U.S.

There is a relationship established between the lender and the broker, usually in writing.

I'd offer him his $190,000 if he will take payments at 3%, NO BALLOON, you'll make good money and get tax write offs.