Congrats on transitioning to multi-family investing!

Congrats on the remodel as I imagine it is done by now.

I wanted to know what are your thoughts on the 70% rule.

Based on the user research we've seen most use cash flow as a proxy for performance.

I had a drafted reply to you and still working on this deal. 

Understand the basics of private lendingResearch real estate marketsDetermine your investment strategy and criteria for loans, including:- Amounts- Interest rates- Repayment termsCreate legal documents with a lawyerNetwork with real estate professionalsPerform due diligence on potential borrowers and their projectsBegin with smaller loans to gain experienceMonitor your investments closelyConsider joining a private lending group for additional resourcesStay informed about real estate trends, lending practices, and legal regulations

Make sure you get him/her on your team.I believe in multiple partners on a business like this since (except for the alumni friend who actually might not have that much experience), y'all have no experience.

I have seen it on padsplits in ATL on the brokerage side - best way to mitigate risk is on the purchase AND exterior maintenance. 

@Jason Wray who's doing 5% down on owner-occupied 3-4 units?

I'd change the locks and start working on finding that new tenant immediately.