Missed evictions - tbh I'd just underwrite a little bit higher vacancy than what people are telling you if you're concerned about it.

What you are not including is vacancy, capital improvements, turnover costs etc.

So just curious if my number formula is correct $15k down plus $15k Reno = $30k rental income/year  $14500 vacancy rate 2% operating expensive 35% ( to cover condo fees maintenance insurance ect) $5500 a year mortgage so roughly a 12.25% cash on cash return ? 

The increase in vacancies can be attributed to the addition of new properties to the market and higher than usual vacancy rates in older properties.https://www.socalrha.org/news/2024-vacancy-and-rental-rate-s...Note LL, location, and property all have an impact on actual vacancy.  

Regarding finding S8 tenants for vacancies, yes there are always S8 tenants looking to move, but you should ask yourself WHY they are moving!

I would probably focus on three things.  1) filling the vacancy for as close to the old rent as possible (to help with refinancing or selling 2) refinance it and talk to a few different banks/brokers.  3) If all else fails, list it and 1031 into another project. 

Commercial properties tend to yield higher returns but come with more complexity, higher risk, and longer vacancy periods, making them better suited for experienced investors.

Due to the high turnover and increased vacancy throughout the country I would raise the rent, put them on a month to month, and be thankful that you have a paying tenant.

It's hard to speak in such broad terms - one man's "cashflow" is another man's vacancy reserve, so whether you can pull it off or not will be somewhat determined by how optimistic you're willing to be.

We typically use this unit as a mid term rental and then in between time while we try and fill the vacancy, we list it on Airbnb.