I know if I were to send an operating agreement to a lender that reads "LP member will receive return of their capital and 20% annualized return" they would not approve the loan.

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

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

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.

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. 

I notice you skip right over who does the clean up, Jim, and who has to approve building in areas that aren’t defensible.I also see that now you admit that your fairy-dust belief that people “will” work with insurance companies to clean up is not necessarily true.

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.

They should have local options with teams they approve of. 

Especially without approval from anyone? 

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.