Just have an attorney draft up a boiler plate one for you and modify it so that you can make it applicable to every deal with fill in the blanks etc

All of the notes where I found that the property owner and borrower that didn't match were first position.I also see the appeal in modifying a loan for an owner occupied underwater property assuming that you acquired the note at a discount sufficient to provide room to do so and still earn a profit. 

Oops was trying to modify profile, please delete this post

Also you may want to consult with a lawyer to see if you can get out of this if the syndicator won't modify. 

Bottom line, is just keep pushing it and set yourself up on realtor.com to receive new listing or modified listings so you give yourself a better chance of seeing what is out there. 

@Trevor Ewen Very minor adjustment, I would modify your A Class definition to state "Military members" vice just officers for future use.

Or move into each property for two years then sell.Hi Russell, The tax code was modified in 2008 so that you will not receive the full tax-free exclusion after moving in and living in a rental property. 

Probably should modify that to an experienced and successful investor with a proven track record!

Repairs-  You cannot modify the property in any way so with some utilities requiring inspections before service can be initiated, any required repairs cannot be doneYou can have an inspector do a visual inspection and have a plumber do a pressure test which can identify some issues

EFFECTIVE GROSS INCOME: $89,330EXPENSES:Property Management: 7.5% = $6,700Insurance: $5,112Maintenance: 12% = $10,720 (I will likely modify this number after inspection one I have a better idea of the actual shape of the property)Taxes: $8,568Trash: $1,085Water/Sewer/Common Elect: $6,910TOTAL EXPENSES: $39,094NOI: $50,236Cap Rate: 8.37%Debt Service: $33,672 (5 yr arm - 25 year am, 5.0%)Net Cash Flow Before Taxes: $16,564Cash on Cash (Assuming 20% down): 13.8%ROE (NCF + Princip paydown): 22.1%DCR: 1.49Debt Yield: 10.5%Using 50% Rule: $83.28/unit/month