Here is the info:Tenanted duplex with 2 2br/1ba units, both tenanted and renting for $600 each.Financing is via private loan at 4% interest only payments and final balloon payment at end of term (5 or 10 years, tbd)Asking price : 57,900 ***note: following numbers are assuming the seller's asking price, which I would NOT offer***Est'd ARV: 60,000Est'd rehab cost: 15,240Closing/Legal cost : 1,500Down Payment : 17,000Total cost of project : 70,400Total borrowed amount : 53,400Total Gross income : 15,880Total Expenses  : 9,054Net Operating Income : 5,478Annual Debt Service : 2,136Cash Flow : 3,342Even with the over-market asking price, this property is already cash flowing.

That's OK I can live with that.So its a very clean operation, and the tax bill is very manageable.

How has this helped things like your operating expense, net profit, tenant retention vs. competition, etc.?

seems that Chicago has some of that going around the Equity build charges by the SEC sound similar in nature.. that's one tough city to operate in..

Some of our canvassing has been to put in a dance/fitness user.We have one tenant whose lease states that the "Demised Premises shall be used solely for retail purposes to operate a casual dining restaurant/cafe".This tenant is new to the shopping center as of a few months prior to our taking ownership.

:)  I am so used to dealing with conventional lenders I think I've been assuming local banks operate just as inflexibly as the big ones.   

Where a larger operation will look at the small deals as a pool and have a set of systems, and people in place to deal with them. 

This is for the 1% that have both the money to buy a $1million+ building and the experience to get a loan for that building, as well as to be able to operate it.2.

But you also need systems and knowledge in order to operate the property.

Most investors in the area have gotten that same face to face offer from a dozen of your predecessors, as well as from all the other big wholesale operations in town.