You can see in just a few years how the VA property can easily be a bigger boost to your net worth than the Memphis properties.Now realize that even with a PM the scaling of the number of units implies more work and effort.  3 units is unlikely not to be more work than 1 unit (assuming similar asset class - Class not lower than C+; I only recommend expert in slums try the D+ and below rental units).I would not choose the historically low appreciation markets but if I did it would only be for MF+.  100 units at $200/month cash flow can be significant even if the cash flow only increases at the rate of inflation; this likely provides a very nice life but probably not financial freedom especially if you are living in San Diego.  500 units with that cash flow most people would have financial freedom. 

Just talk to some local lenders about what their refinancing policies are.As I see it, if you want to be able to pull all ypur money out when refinancing you either have to buy below appraisal value, do renovations that increase the appraisal value more than the reno cost, or both.You can buy properties in good condition that cash flow well, but you probably won't be able to pull all your money back out unless you are buying them well below market price. 

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My guess is the letter offer will be at least 20% below market value, in which case paying a commission on full value sale is worthwhile.

If the property is being bought below market, you just might be there now? 

When I am having trouble renting, I will look at rent to see if it should be lowered.

However it's on a cul-de-sac adjacent to the university, has ten paved + five gravel parking spaces, is two blocks from downtown and 10mins walk to the the grocery/mall/LC.  

Below is an article that has the best places to live. 

You can go on Rentometer.com and whatever the median or just below the median may be a good idea of what Section 8 will pay.Finally....If the guy has told you he wants $25,000 cash, I would wonder, why that amount?

You must set a minimum credit score and never go below it when accepting any applicant.