My view is there is more protection on a wrap than a sub to and with the right disclosures and underwriting can be an alternative option. 

I still think that the appreciation question boils down to the "Do people with options want to live here?"

I have heard about doing deals with little to no cash down but I'm skeptical about whether creative financing options are truly viable.

I would finish 4/6 rooms down there with proper egress and optional ventilation.

I believe it to be a little Southern California hidden treasure for cashflow, mainly class C but if you know what you are doing its a really good option to invest locally in CA with decent returns.

My budget will be around $200k but I’m meeting with a lender on Tuesday to go over all of my options.

Many good rental options in San Antonio/New Braunfels area.

It's much cheaper than Buildium and offers similar tenant screening options.

Here, in Portland, we have to offer an option for Appealing a denial.

That might be an option.