Deduct mortgage interest, property taxes, travel, and operational expenses.

All LP equity gone.Even before interest rates took a huge jump: property bought with 75% LTV first mortgage, pref equity up to 90% LTV, and funded last with LP equity.  

On the complete team thing. yes it does exist BUT it's VERY rare. 

Shop LTV (or cLTV which is combined Loan To Value, basically your first mortgage and 2nd mortgage combined loan to value), rates, payment terms, time to close,  and draw period (how long you can go into and out of your heloc). 

Quote from @Celli Mowery: Hi Jamesinteresting message -I know I’ve seen your name often on the Bluegrass Investors GroupI have spent the last 5 years investing in London and while some of the concerns you mentioned did exist when we started I’m finding we haven’t had issues with tradesmen coming from Lexington & Richmond for us in recent years.

Those conditions don't exist any more, and the government has the right to regulate land use to try to prevent the current conditions from repeating. 

My first mortgage was almost 11% and that was a good rate.

Other lapses include forgetting to include utility fees in a new lease which was previously discussed with the owner but the new lease got signed by an existing month to month tenant and was not shared with the owner before the tenant and the PM signed it!

We have bought loans like this from existing lender as well as refinanced borrowers into a new IO loan. 

Take into account your mortgage, a property management company and other expenses and you are lucky if you net $300.