A second lien could have no property equity to attach to making recovery of principal very difficult.2.

What is the recovery process in the event a borrower defaults?

That is from about 7 years ago at the bottom of the recovery cycle for class B and even then was mostly about 8 caps.

I used to be flexible and offer a lot of hand-ups to renters in substance recovery, jail or new to area getting on their feet. 

(I used $98,896 showing loan is current and balance is on track)Now let's add periodic payments:If we purchase this loan at par, the green line is our yield curve to maturity per period and the blue line is our principal recovery per period to maturity.  

Hi BP, I'm a CPA, Berkeley graduate, aspiring entrepreneur, professional poker player, badminton athlete, crypto-currency enthusiast -- now interested in investing in real estate! 

If he is a licensed real estate agent I would look into the state's real estate recovery fund.

I also have leads on tenants from the college who are athletes that pay a little more than normal tenants and can be monitored by coaches!

They seem more about cramming as many people as you can legally cram in a house instead of creating an environment conducive to recovery.

The recovery began in 2013, but it really hit its stride in Q2 2014.