Basically, they use him because he is cheap and they have used him for very long, so it is hard for them to go out and find a new tax guy.

Then you have what you are talking about, which is basically all of the California cities, where the rents won't cover the expenses.You're not dreaming.

DR and Lennar basically will only buy ready to build lots.. so I have a few larger projects in the works.. 92 lots and 164 lots.. that they swear ( pinky Swear) they will buy from me when I get them shovel ready.. 7 to 10 million dollar risk and they could say no if they don't like what the market is doing.. the 92 I am going to do if they don't buy it I will build it.. the 164 I have to flip or I will not exercise my option at walk away from about 250k in cash I Have in it presently.. but that's the land game .. big risk big reward.. if the 164 goes right I will make about 4 million on  the same 250k invested.. roll the dice right ???  

@Andrew Dodds,You are basically looking to put a 1st and 2nd mortgage on the home.

Many have posted a few great tips already, that's the cool thing about this forum ;-)That said, I highly recommend using the awesome tools provided here on BP to learn the basics of analysis and underwriting.A few tips to get started and your continued learning:Find and connect with other BP members that are in your area.Set up keyword alerts to be notified of the topics that interest you.Read Beginner’s Guide.Check out BP Podcasts.Find upcoming real estate events and meetups near you.If you'd like to tag someone in the conversation, type @ followed by their name and then select the name of that person that appears below the comments box.

I want to know the cash flow # I can produce easily with 100k cash invested in real estate basically.

I’ve met people like him before but and you can easily basically say the wrong thing.

The fact that it's taken you a month to find contractors for basic repairs demonstrates you are incapable of performing as a property manager on this particular home.I request termination of the contract and a return of my earnest money deposit no later than April XX, 2018.If they refuse, hire an attorney.I don't know your state law or your contract but the seller typically can't do anything to you for walking away from the deal.

They basically just used our rent roll and this cap rate to come up with the assessed value. 

yea essentially that is whats going to happen...but term sheets are more deal specific.They will basically provide you with a pre-approval letter based up to a certain amount...just like a traditional home loan.