The lender will be looking for close to that amount.This is not a sub to deal at all.

For this to be my first deal I was applauded at the closing for “not making any mistakes”.

The seller has 45 days after Closing on the sold property to identify the replacement property.  

Here's a big "math" you overlooked for quite a few years.Right now $388k in equity, minus (let's go all out) $100k in closing costs, gets you a walk away of $288k in equity.Use that $288k as a 20% DP, and you should have $1.44M in property value,...not $415k. 

Originally posted by @Kathy Fettke:Account Closed and like I mentioned earlier, we found out about their shenanigans very quickly, so only a handful of people contacted them, and we immediately removed them from our referral list.this has happened to all of us in the industry myself included..

Purchase price: $814,000 37-Unit - HUD Section8 HAP MultifamilyOverall the project was situated decently well at closing, occupancy was mid ~85%, and overall the property was in very nice condition.

My first rental I asked the guy at the closing table how much he usually got for rent and he told me he could pretty reliably get 300-400.

If I sell the property for 130K, after assciated closing costs, I will basically break even.

You would end up saving the higher interest rate on the HELOC as well as closing costs.

For instance, your bathroom picture is so close up that it looks even smaller than it probably is.