In terms of which to go with I think some pros for condos is lower cost of capital as a barrier to entry, lower cost means lower risk on your first deal, most condos include heat and hot water with the fee and that results in a less complex assignment to you as the property manager (assuming you will manage your own), I think condos fell hard and fast in the crisis and are an asset that may outperform early in this recovery (my speculation).Cons - condo fees destroy cash flow in my opinion, when I run numbers on condos those fees just kill the returns, HOAs and condo associations generally stink, there are adjustments where they can hit you up out of the blue for stuff like a new roof, that's a risk that could kill years of earnings out of nowhere.

While all I really care about is cash flow its nice to know I can sell one if I need cash. 10 years with no recovery of the original sales price is scary.I understand the last crash will probably not be a normal occurrence, but 1,000's of people in Miami were way over leveraged and lost everything.

The nice areas you will have some who can't hold on but lot's of those home owners have substantial assets and can hold on for years with a recovery and still be okay.

You need to look at other things that are harder to calculate like, depreciation, cost recovery, taxes, principle pay-down, capital gains/losses, changes in basis...I made my own spreadsheets to look at all this.

"The basic concept of the contingency fee agreement is that the client is out little or no upfront expenses; you as a client do not pay legal fees unless and until you win, and then the lawyer receives a percentage of your recovery as his or her fee.

We are all glad to hear your daughter is making a miraculous recovery!

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. 

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?