Red tape with trying to get the HOA board to approve repairs.

And then we have to realize that there are people who actually approve of all those things you mention....I know, how could anyone embrace those policies?

So far the MLS has brought lowball offers trying to skim $100k off just one property and 2 failed offers (buyers could not get approved for conventional financing for their own reasons). 

Plus you'll want reserves for maintenance and vacancies.Have you checked what you can actually get approved for?

If you’re not paying cash for properties, get pre-approved for an investor loan to understand your available credit.Time FrameThe shorter your timeline to achieve your goal, the more upfront capital and credit you’ll need.End GoalMost investing goals focus on replacing their current income, like $5,000/Mo.

I hired an IRA-approved valuation company to value that note at that time.

The DSCR program "Must use the lesser of the two either common rent from the appraiser 1007 rent schedule form on the appraisal or the lease".You also have to factor in the taxes and insurance because a guesstimate or ball park can kill the approval. 

They should have local options with teams they approve of. 

That all is changing now, ever since Hilco Redevelopment Partners purchased the property in 2020, and received concept and development site plan approvals in 2022 and 2023.

Hi @Dametric ShawThey were not able to do anything they said on the pre approval and took the 10k knowing they wouldn't be able to close the loan.