However, it was in a new housing addition that was getting hit almost every night by copper thieves.

And as you grow bigger in your market, you should remind them of that - unless you are absolutely happy with your PM (there are some great ones that are worth every penny.

Rent a room for $250, drive a crappy car, live reasonably, and save every penny until you can buy some property.

Enter the investor, who buys the devastated crap hole for pennies in the dollar.

Why would you penny pinch?

They get back into drugs and copper is something that people strip from buildings to sell for cash to buy drugs with.The numbers look good because your endeavor is a high risk endeavor.

When you do narrow down your goals and figure our which investment is best for you, make sure you do keep a little bit of that cash pretty liquid to cover unexpected capex costs and other expenses - never deploy your last penny, always keep a reserve as a safety net.With a solid profit already under your belt, you're in a great position already.

However in this situation, the second lender may take pennies on the dollar. 

@Michael RobinsonOh yea, I will milk this sucker for every penny its worth.

At least with thewallpaper down you can coat over the wall, assuming it has a solid surface.