Another we work with will take a new deal that was $500k, they may lend full amountore but they would also need to cross collateralize as well on other assets that would have to be atleast 2-3x value of the property.  

Even though I wasn't a good asset manager, I made money on my properties. 

Sometimes there is only great recession data, and that recession was pretty mild on some asset classes, versus previous recessions.

However, it's a great way to achieve STR esq cashflow without having to purchase assets that have a $250K+ pricetag. 

That allows the payment to be low, manageable and easy to cash flow when you transition it into a rental.When you move out you will have more money in the bank, stronger assets, and be cash fluid in case you need to make an offer on more investment properties.

It’s great that you’re bringing your property management experience into real estate—your knowledge will be a huge asset.

Selling one of the properties is not an option because they were both purchased via 1031 funds from dramatically appreciated assets creating a cost basis of next to nothing on these. 

I am interested in investing in something a bit more passive as I am getting older and, while I love the real estate asset class, I do recognize the need for multiple streams of income. 

Don’t out more leverage on another asset since we are talking REI.  

Based on location and some rough math, he's definitely looking for market value (stabilized asset) vs the current condition.