Is that correct?

It's the 3rd Monday of every month correct? 

In my opinion the package is worth around $600k and this should give you a 9-15 cap of repositioned correctly.

If I am interpreting your numbers correctly Year 1 Net Operating Income is 5,000.

The rate will increase ~4.75%The cost of refinancing and originating lines of credit, both out of pocket and financed costsIt may have been more beneficial to approach this problem by identifying the constants and the variables first.Albert you are also correct in that PenFed limits total financed properties to 3. 

Of course I would have to get bids from contractors to get my ducks in a row and to verify the scope of work. 

I can't see the reason to go else where to make 1% or 2% greater return.. you would eat that up in travel costs alone.But anyway.. in my mind we are getting to a balance market.. and your correct rents are not keeping up with costs.. so will be interesting to see how it all shakes out in the years to come.I remember when I started in the business if you put 20% down or 25% down and the tenant just paid off your house  forget about cash flow that was a huge win..and why not.. its a forced savings safe investment tax benefits.. etc.. then it became you have to make money on your down payment this is what created that run..Maybe we will step back in time and break even will be great..

I'm wary of foreclosures this early and would want to wait until I've flipped a house or 2 that I knew what its condition was before buying before buying a house I've only seen from the outside and bid on at the courthouse.

Is that correct?

Do we need to amend the LLC articles showing the corrected investment amount?