Jay,You mentioned total loss on syndication deals. 

Mainly focusing on our location while also keeping the total cost of the homes in mind.

We will be almost doubling our portfolio next month (81 doors total).

Approximately 2,200 sqft total for the cleaning. 

I don't need hard money because I have a lot of cash.Purchase: $190kDownpayment: $40kClosing/Realtor: $10kLoan Amount: $150kRenovation: $15kARV: $250kRefinance: $5k Final Loan Amount: $190KCash Back: $40KCash Spent (Down & Renovation): $55KCost to buy (Closing/Realtor): $15K---------------------------------------------------------------------------------------Total Monies Spent: $30KLoan Amount: $190KMortgage: $1.8KRent: $2KThose are rough numbers going through my head.

Keep in mind with a 1031 exchange, it's important to ensure that the total value of the replacement property is equal to or greater than the property you sold.

We add up the scores and get a total score that reflects the level of risk the applicant presents.

Maybe we got lucky, but it took about 3 months total.

You will totally get legit bookings from VRBO, etc. and I'm psyched for you when you do!

So that might be a total return of around 60-70% over 1.5 or 1.75 years (don't know for sure since I am not an investor in Fund 1).Fund 2 (the last of the two non-cumulative preferred MHP funds) hit 7% annualized IRR this past quarter.