The note investor who thought that even after he sold the note he was still entitled to collect the monthly note payments. 2.

Also, focus on 2 years of job/income stability.Class D Properties:Cashflow vs Appreciation: Typically, all cashflow with little, maybe even negative, relative rent & value appreciationVacancy Est: 20%+ should be used to cover nonpayment, evictions & damages.Tenant Pool: majority will have FICO scores under 560 (almost 30% probability of default), little to no good tradelines, lots of collections & chargeoffs, recent evictions.

Continuous evaluation of market trends also played a key role in setting the optimal sale price.

My concern with both the refi and sale option is getting less than optimal terms if the NOI isn't there to justify the values. 

The tax would come to what you collect for the rent!

FULL STOP  Your ability to make such a profit will depend on your ability to manage the asset better than the prior owner.As a seller, the broker should be helping you determine the price point, at that time, that attracts enough buyers to achieve an optimal sales price.

I used to collect them back in the 1980's.

However, after collecting more information from PHA they stated I should aim to rent the unit at what other units nearby are renting out for and NOT go as high as the SAFMR states you are allowed to go.

Work with a CPA to optimize your tax returns to reflect sufficient income for future loan approvals.

A little late to the gratitude fest, but like @Kerry Baird above, I am genuinely grateful for the old timers here and the new voices as the collective wisdom of this group is something I tap into regularly.