As you speak with and build relationships with other investors, breach the topic of doing some JV deals with them... you bring the deals and be their "errand boy" (doing the crap jobs that they don't want to do), and you split the full profit instead of just picking up a few thousand dollars.  

Get a partner with some money to put up the $20k and let them know their role includes having the repair reserves if the A/C unit goes to crap the first year or two and such. 

Cap rate is just one metric when looking to purchase a property.You could buy a property at a 10 cap and it could be in a crap hole area with little chance of appreciation.Conversely you could buy a 6 cap rate but it is a GOING IN cap rate.

Kick out the crap tenants, fix the unit, and re-fi owner occupied.

If not let it go, consider it a good lesson, move on, do better next time & go make a crap load of money....knowing that at the end of the day you are responsible for your business, which admittedly is a pretty awesome feeling!

They have 8 days to pack and rent a truck, they can put their crap in a truck and sleep in the parking lot.. but they have to be out. 

Hello Thu,Partnerships are a crap shoot. 

If you told me 4.125% last month was an investment property, I wouldn't believe you unless you proved that you paid a crap ton of points.)

That way if you decide to sell in say 3 years a buyer can assume the low rate and then his buyer if he sold in say year 7 can offer an assumption as an option to purchase.If the property is straight turn around then look at an interest only loan that converts to perm after stabilized at a pre-set interest rate.Lenders want to load crap in their favor.

Don't confuse yourself with that "super lien" crap, it means nothing here.