Had that happen to me last summer.

@Paige Gardner it depends on the person. hml are my last resource, it's a option for sure. 75% too high for me. that's the game for them, that's how they make its money. don't take it off the table but definitely explore ur options. 

Has it developed much in the last 5 years? 

that we’ve learned in our 24 years, managing almost 700 doors across the Metro Detroit area, including almost 100 S8 leases:Class A Properties:Cashflow vs Appreciation: Typically, 3-5 years for positive cashflow, but you get highest relative rent & value appreciation.Vacancy Est: Historically 10%, 5% the more recent norm.Tenant Pool: Majority will have FICO scores of 680+ (roughly 5% probability of default), zero evictions in last 7 years.Class B Properties:Cashflow vs Appreciation: Typically, decent amount of relative rent & value appreciation.Vacancy Est: Historically 10%, 5% should be applied only if proper research done to support.Tenant Pool: Majority will have FICO scores of 620-680 (around 10% probability of default), some blemishes, but should have no evictions in last 5 yearsClass C Properties:Cashflow vs Appreciation: Typically, high cashflow and at the lower end of relative rent & value appreciation.

We have vacationed in this area for the last 9 years, infrastructure is building, and teardowns and renos are rampant. 

I have gutted to the studs the last 5 properties I have bought from tax/foreclosure sales in this county and this one is not far from a full rehab. 

I was last getting terms around 5-6% for the first 5 years, then floating with prime, 20 year term. 

Last year I started my education on rental income and came across Rent to Retirement.

I looked at Sapphire pretty hard last year, and made a couple of offers there, but in the end decided it wasn't the market for me.

In some cases, it may not be possible to purchase and store materials, but if it is, that is one way to protect your budget and avoid a costly mistake.The last thing I would offer for you to think about is having a pivot plan.