Or would it be minus realty fees and closing costs as well?

There are sometimes fees associated as well but they seem minimal and scale well since one line of credit can purchase multiple assets.Interested if anyone else is using this lending strategy and what your experiences/recommendations are.

If you're new to investing, keeping an eye on property taxes and HOA fees in this area is also key. 

Owner ended up settling with the tenant, but then we had to threaten to sue our own client to get them to pay our legal fees.- Owner must sign a Hold Harmless to indemnify us against any potential tenant lawsuits relating to the work their contractor is doing.--- Another lawsuit resulted from owner's contractor taking down basement handrail to get supplies down the steps, then they didn't put it back and tenant fell down the stairs.- We also negotiate a reasonable completion date, depending on the Scope Of Work (SOW). --- Who gets all the phone calls and wastes time calming a tenant down because the owner's contractor doesn't show up as scheduled after they took time off from work or a 3 day job takes 3 weeks?

With the retail center the leases are all NNN and those leases had management fees baked into the leases. 

Basically, refund any and all down payments, interetest charges, processing fees, late fees, etc.2) I beleive Dodd-Frank only applies to owner-occupied properties. - Hence why all the DSR loans we've seen have a required document the borrower signs that states the lender will start foreclosure proceeedings if the borrower ever occupies the property.Please correct me if I'm wrong or clarify anything I missed.

I have written about it before in long past. 2) Yes, no PM and no tenant placement fee consideration.

With this, along with shifting the utilities to the tenants and reducing the management fee to generate an NOI of around $103k, I'd estimate the value around $1.8M to $2.0M

However, there are also some downsides to consider, such as higher fees/interest rate.

There are plenty out there with fair rates and lower fees.