Trying to negotiate, and show a willingness to follow the rules you agreed to when you bought, is probably better than trying to appeal on the merits.

Just because Joe Schmoe became a landlord out of necessity and found it difficult to manage has no merit that success can't be found by someone who goes into it purposefully and well researched.

Each has their merits and associated costs.

What was once nearly worthless farmland (nothing being grown in this state of merit) is now populated with homes ranging in price from $250k-750k.

When I said do not try and make 2 months income on a deal just because it took 2 months to put together I was referring to the wholesalers that price things based on their time and effort and how much they needto pay their bills and not soley on the merits of the deal.

if the answer is NO.....pray that your dealing with a rookie or someone who doesnt care about their money.....Believe me if the deal has merit he'll do it and most likely he'll do business with you again, he'll lend you or JV, or invest with you once more.....and if he doesnt, he might recomend someone to you......and if he doesnt.....at least he'll respect you and keep you in his e-mail list.....who knows?

Assuming that this is investment, I would suggest that you review the merits of a rehab loan (whether it be conventional or hard money)---programs would allow you to finance 100% of the purchase + 100% of repairs + 100% of closing costs (and in some cases, 100% of the mortgage payments) and you could use the down payment as cash reserves.

My point is not the relative merits of paid off rentals, as I think that's obvious.My point is that for a person of limited funds, paid off is not an option if their goal is for their rental business to become their livelihood.

All of our tenants, regardless of whether they are an aid to a government minister renting a furnished flat, or a single parent struggling on social assistance merit a clean, safe and functioning home.

I think the plan has merit, but obviously, it is a case by case situation based on each person's goals, timeline, and availability of funds.