While nothing is perfect, our models have undergone 34 years of improvement and refinement, so we’re pretty confident that they’re reliable.So yes, Excel is the essential ingredient, but I would submit that there is indeed a difference between a basic Excel spreadsheet and an Excel-based program like ours.

What @Chris Martin said.A real estate/closing attorney, a promissory note and a deed of trust are the primary (sometimes only) ingredients needed or required to close on a property using private or hard money in this state.The going rate around here for a RE attorney to draft or review these docs and close a loan is anywhere from around $400 to upwards of $1,000 depending on who you know, how much business you throw their way, or the direction of the wind that day.The cleanest way to do it, if you're interested in that sort of thing, is for the PML to have their own RE attorney draft the lender docs (Note, DOT, some want a personal guaranty as well) and then use a different RE attorney to close the transaction with.

What are the key ingredients for this letter?  

These are all key ingredients to success.

Was it the location, rents too high for business model, bad operator, bad ingredients and menu, or a combination?

The key ingredient to long distance management is having a team locally with 3 backups minimum.

As time goes on and trust is reaffirmed, you might change things a bit.Another absolutely critical ingredient is communication. 

@Grant Schroeder, further to my comments on your other thread about this, I should remind you that the key ingredient for a successful BRRRR is to buy it at a significant discount on its as-is value. ie.

The absolute most important ingredient for your success is how much people like and trust you.

Flaking paint is a big no-no, specifically with an FHA appraisal.Painting vinyl requires a specific type of paint with specific ingredients meant to adhere to the vinyl and move with the expansion and contraction.