I did all of the work myself and know the ARV's in the area pretty well so that helped. this is like my 8th deal and I analyzed deals for like 3 years before I bought my first property so that has gotten way easier.

Quote from @Carrie Baron: @Sean O'Keefe may I pretty please request a copy of the log book as well?

For the second time, I've had a guest cancel a reservation, initiating a refunding through my payment provider that brings with it significant transfer fees because Booking.com heavily promotes their "book for free, pay on arrival" policy, which is not aligned to my management platform policy.

The hold time is usually between three and five years, and the overall gain is pretty high within a fairly short time frame.

Obviously the Detroit market can be pretty seasonable but a lot of this sounds like controllable things from a PM.

@Briar Blake pretty sure if you review your management contract that emergencies will be an exception to needing your approval.If you think about it logically, it MUST be this way!

My other SFR notes have interest rates determined by the borrower's cash, credit score and income - so market rates or higher.I understand the difference in performing vs non-performing notes and that performing can become non-performing pretty easily. 

@Ian Kibbe digging down the basement is pretty pricey and it depends on the existing footing and the state of the existing foundation.

Credit Unions are pretty great, as in my experience, commercial loan renewals tend to be automatic.

If you live in Cleveland (a cash-flowing market), I wouldn't look OOS at another pretty similar market.