they are kidding themselves one needs to punch in 50% to 55% of gross cash flow for expenses then deduct your mortgage payments.. anything less than that will not play out over the years.

The payments and interest are high.

@Peter Mckernan Copy.... it's a "% based payment" off scope of work. 

Start by serving proper notice of the management change and request payment details.

The metrics are different due to the financing benefits from being <5 units and corresponding down payment requirements.

NONE of the money raised from the auction of a 2nd goes toward the payment of the 1st (that is why they call it "subject to the first")4.

If the business sells (it’s currently listed), the rent payments would stop, but I’d still own the property as an asset.

With value-add, I know I'm getting at least some of my capital out when I'm done and I'll end up with a house that should not need any significant cap-ex for quite a while.I'd do turnkey too if the numbers looked good enough but the reality is in the market where I have boots on the ground you're talking about close to 60k between down payment and closing costs for maybe $200/month in cash flow.

Hi Saul,Vegas and Phoenix are on the pricier side, so you'll need to put a large down-payment down if you want to cover all your expenses with some cash leftover. 

I have the opportunity to help a family member be part of a joint venture with them putting the down payment down.