If you are not on a tight time frame to close then I would not use a broker but considering most of time hard money loans are involved with cash offers I am making the assumption you probably have 2-3 weeks to close. 

The assumption here is an investment property but maybe not? 

. #2 can also happen if your assumptions are incorrect. 

You didn’t mention the amount you paid for the property and in the absence of additional information I question if the valuation based on the 10% cap rate assumption will hold up.

I assume this is because there is the assumption that there will parties and disregard for the property? 

@Jennifer McElliottHi Jennifer,Make sure your assumptions are accurate, especially what it is worth after you reposition it.  

Curious what assumptions I should be using for property management fees in the metro Phoenix and suburban areas for multi family?

Thanks Shawn, definitely connecting with other local owners/brokers and third party sites to justify my assumptions...

@Diane G.I would not have a problem with renting to college students under the assumption that you know they are college students.

I also do not appreciate you making assumptions of my personality, abilities, and preparedness based on such little information.