My dad has a condo in the Palm Springs/Palm Desert area that we rent out seasonally however after this season we are looking to rent it out long term. 

Had tenants in it before and they didn't see any water dripping or anything like that. 

If not interested in sanding (and I don't blame you) you could try TSP and water.  

Daniel,have to know how the numbers break up, as Kevin was saying, did you include management, electric, gas, lawn care, leasing fees, water and sewer. if you do not hire a property manager are you taking care of managing the property yourself ?

After executing a contract with a seller and passing the inspection period the title search turned up a second mortgage that puts the seller under water on the property by something in the neighborhood of $50k.The contract was in Florida done AS-IS.Do I have any ability to force the sale to be completed and acquire a clean title?  

Since then the RE bug bit hard and I've partnered with a real estate agent to flip in CO Springs.  

Most people will get these to minimum occupancy standards (e.g. sturdy floors, no roof leaks, working plumbing, hot water, air conditioning / heating, etc) and then rent it.  

I still recall the borrower who came to me spring 2014 and said he wanted to finance a GSA property at a 9 cap. 

The boat slips are rented seasonally, paid up front, and currently generates $2,000/month (when averaged over the year).Total monthly income: $11,250 ($135,000/year)Expenses run very low, from what we can tell, listed annual expense:RE Taxes :12,000Insurance: $6,500Water + Common Electric: $3,000 (heat and hot water is paid by tenant)Maintenance + Repairs: $2,000Management: $10,000If we do 40% down ($700,000) and finance $1,050,000 @ 4% over 15 years: $93,300.Add for vacancy, misc, etc...  

I decided to just book an inspection since I needed to get some pics of a water heater I need to replace (with the one tenant that has not been visited recently).