I told them that I sent them a check and the date it cleared in my bank account. 

Already deposited the check and it cleared and going to register it tomorrow.

Im clearing $500 a month with a $70,000 loan and 0 out of pocket. 

It's already on LoopNet so our definitions of "Market" are clearly different. 

I don't mean to sound confrontational, but Peter is clearly looking for information on how to buy his first house in a new market, and to fill his head with delusions of grandeur about 20 caps will pretty much have him spinning his wheels and never pulling the trigger on anything.Peter, there are lots of nice up-and-coming areas in Tampa (there are also some bad areas to stay out of, namely Sulphur Springs and anything around North Howard Ave by Downtown).

As you mentioned, it's clear we've over compensated for tenant negligence which has emboldened the parents (who only get half the story from their college kids) to make unreasonable demands.Moving forward in this situation I'm going to maintain the offer of 3 month early out on the lease to avoid further headache, but draw a line stating we can go the legal route if they want more, in which case I'll claim the remainder of the rent in addition to an legal fees.

When I look at a deal, the numbers are so crystal clear and it is very obvious there is profit.

Since we have clearly defined the date parameters, I would be walking away with a return regardless if the property sales, as the LLC promises to pay out-of-pocket by then.

An HELOC clearly would have more flexibility; interest only as needed.Figure out an answer to the first line and the rest should fall in to place.Oren

My 11 properties average a ROI of 14% not counting the fact that I will own them free and clear in 15 yrs.