As a result, I got hit with a bunch of fines for illegal renovations (which she refused to pay for).

@Paul Teske To achieve the desired result that I believe you are looking for. 

Even running numbers at $840 a month seems like it will be a solid net cash flow result.

You are funding it's operation with other funds, instead of it producing capital for more acquisitions. 

We're hoping that does the trick - in a few weeks time, I'll be able to share some results.  

If it fails then you back out no harm no foul.That may seem unfair to the seller, but it might also result in them being able to sell for a higher price than they could have otherwise.

I have found it helpful as an agent of 1 year to be able to see the results of sales / check the Comps. of as many areas as I would like.  

It’s pretty confusing but I’ve heard good results from it.

(and of course it will have been used before it overflows)  My exposure to investment property is through REIT's only because I live in one of the outer boroughs of NYC and I see no point in spending a ridiculously high amount of money for a building that's going  to produce a ridiculously low cash flow (that's IF everyone paid and IF nothing broke- big IF's)  add to that gross over regulation along with moronic laws that give all the power to the tenant  and I can't see a reason for me, if I want to be able to sleep at night and have peace of mind, to own physical property. 

the ARV is $140,000, it is a 2bed 1bath home in a great neighborhood. if i were to acquire this property and rent it out for $1200, it can produce a cash flow of about 420/month.