I think your strategy concept is outstanding.  

Although the cap rate isn't outstanding, have you considered leveraging the current property?  

Maybe you're looking at the difference between outstanding mortgage of 137K and house being 350K?

Structures is an outstanding company.

The balance must be paid in full by an agreed date, and any payment made, will first go to any out standing balances, such a late fees, rent, or others charges.So if your friend would pay rent through automatic bi-weekly payments, he is pre-paying rent before its due, if the amount owed is not paid in full by the said date, then he would be late, and would get a charge.

Does Raytown have an outstanding PM company in the area?

There is a security deposit that is more than the outstanding rent, and would cover another month of partial rent.I am continuing to reach out and work to set up payment, and I am within the rights of the lease to start the eviction process. 

Outstanding work Clint, great to hear you followed the steps and it is generating cash for you.  

This is not the same with Homestyle renovation loan where the borrower could technically be underwater and do a non owner renovation loan as long as their total loan outstanding is still within guidelines (75-80% LTV) with regards to the ARV.

A school bus may be exchanged for a metro bus, a barge for a tugboat and a fleet rental car for a taxi."