The equity is slim does that matter?

Hello everyone I an so lucky to have found this site I finally made the choice yo jump in after years of being on the sidelines for wait seems like forever  I wanted to really introduce myself I live in santa cruz ca iam deciding this week if I finally get my reality license I went to school in NY back in 07 but I failed the test ..

But the numbers are what they are; homes are not worth anything at this point except to a niche investor who wants to get some cash flow.Do some test ads at various prices and see what response you get.  

I am scheduled to take my final RE test for my CALbre sales license with a "theory" that I can use the license to work my way into partnerships by offering my commissions up, considering all I want to do is learn by doing at first without trying to make or lose money.  

.: $16,450Marketing/Promotion: $1,431Trash: $1,961Supplies: $1,579Water Testing: $3,177Misc: $350Total Expenses: $53,370NOI: $53,555Cap Rate: ~ 7.5%Cash on Cash: ~12% (based on 20% down and 30 year am at 5% - still finalizing loan terms so subject to change)DSCR: 1.46x50% Rule ($/unit/mo): $117.171% Rule: 1.31%GRM: 6.36Debt Yield: 9.55% (based on 20% down)Property is in overall good condition but could use some upgrading. 

Because a partner's approval can not be unreasonably denied, not a good tactic if you get sued and everything in a contract needs to be first class, needs to hold up in front of a judge, otherwise, why have good contracts.The financing contingency is the strongest one you have, it is customary, it's been tested in courts, it allows a lender to say no for many reasons, if it has a bad inspection it needs to be fixed or they don't lend!

Slim profit with this scenario, but do-able.My question is regarding the bank accepting an offer for less that the payoff amount.  

I think online is better than classroom...learn at your own pace and absorb more.Once you finish courses and pass the test, your broker you associate with is really where most of your knowledge will come from.

It would also pass the 2% test.

We'd be very happy just to break even.We had a bunch of initial expenses - lead testing revealed we had to replace all the windows and the oil furnace died so we are in the process of upgrading it to natural gas.