After 45 years investing across many asset classes, many investment types, and everything from lowest risk to outright gambles, I think I finally know the answer.The biggest divide is between investments in which operational control over that investment is with the investor, and investments in which control rests with another party.  

In todays environment of back to historically normal interest rates and higher home values - now really is not a great time to buy.

Investors made offers to other investors to be bought out at 75 cents on the dollar (pretty normal process in trust deed lending - either stay in the deal until the end - or get out now at a discount.)

Same way you would calculate it in normal investing - once the property is 5+ units, it gets a little more nuanced.

It’s just a gamble.  

Is that normal?

My dad considered a six month to one year vacancy between tenants normal.

They are in Fountain Square, Crooked Creek, and Forest Manor/Audubon Gardens.I normally see expense ratios sitting around 40-50% for SFH's, is this accurate for this area? 

Is it normal to have a negative cash flow in the beginning?

I know a HELOC normally does not come with much of a closing cost, but over the long-term, this might make the most sense.