(with conservative assumptions on annual appreciation - 2%, and annual rent increase - 1%, as well as 5% vacancy/maintenance).I see so many people say they only go for properties with at least 15% cash on cash returns, which seems extremely difficult in this market

You without a doubt used a lot of assumption and blind trust, and are now paying the price. 90 days is WAY too much time to go by and not know with certainty what's going on.

Be conservative in your numbers/assumptions and compare the long term outcome. 10y, 30y.

Hotels typically do this for cost savings, but they also may do this to prevent guests from setting temps that could impact others on a floor or adajacent room (my assumptions). 

@Keegan Darby , any assumption would be determined by your Loan Docs (The Note), and the servicer should be contacted to determine the process if it is assumable.

Again making the assumption these are non performing seconds.. takes a special company to make those all work. 

@Yongming HuangI’m going to make an assumption your comparison is versus China agent commissions around 2.1%.  

Except we can make the following assumptions.  

The assumption is that by the time the project is done and final bills are in there will be a sale which will fund the amounts due the contractors.

I don’t know this market specifically to make that assumption but in my market if you’re buying a 2-4 unit property the seller might leave 1 units it vacant for owner to occupy but there’s usually not totally vacant property.