And from here, if you paid 7 CAP on the way in - improve the NOI, and get out at the same 7 CAP, the delta is there, right?

I believe he was fascinated by it.The delta between a recourse and non-recourse loan is 10 bp so you have the option to limit your downside risk in case SHTF.  

Antioch is approximately 1 hr east of San Francisco on the boarder of the delta.  

Just in case the new duplex is wired that way too, I ordered this bath fan from Home Depot the other day:  http://www.homedepot.com/p/Delta-Breez-GreenBuilder-80-CFM-Ceiling-Exhaust-Fan-with-Light-Humidity-Sensor-and-Adjustable-Speed-Control-GBR80HL/205573460

I'd rather pay down now and cash out a bigger Delta later.

I was a member of Phi Gamma Delta, as well as the Professional Association of Industrial Distribution. 

probably have to season a little bit .. but if you offer them for sale and can sell them for more than you paid for them then you keep the delta... whether that's a good return or not is up to your investors to decide.

Delta has good ones, but you need good water. 

@Cody Gray  so what specifically do you want a closing attorney to do.is it use buyer C s fund to pay Seller a  and you as B make the delta.. all in one transaction thereby you bring no cash in ?

They end up missing big picture things that are more detrimental to the plan than a delta of 2-3% because this or that line item is moved around.