My advice on a good HML is a lender that doesn't require an arm and a leg from you, and a lender who doesn't need all your taxes, Bank statements, credit reports, and etc.

If you know someone in the biz who is willing to help, you have a leg up already!

It usually works but instead of doing the leg work to send these letters out; I rather just cold call a seller on spot, and get a answer the same day instead of waiting.

( ... dances in the hallway, trips over a chair, suffers a disapproving look from wife ... )

Is it on its last leg?

I made the mistake and it has cost me and arm and a leg with fees and charges. 

Similarly, if the government wanted its agents to inspect rental units in between tenants while they are vacant (or the hypothetical weekend rental car when it's in the lot and not being rented by a consumer), I don't think anyone objecting would have a leg to stand on.I'm mostly thinking out loud here, my position/opinion being developed on the fly as I think about this and we go back and forth...EDIT: if any lawyers want to chime in on from whence the apparent different standards for business and personal stuff arises (assuming that distinction exists at all and I'm not hallucinating), I'd be most happy to read up on that. 

Jack, Not intended to answer for Bill, but based on your example above, your minimum purchase price is $400k all cash, or your purchase price can be as much as $1.6M if you use the $400k net for your 25% down payment on your up leg purchase.

But I find it hard to believe that a property can perform that well without something being wrong with it (on its last legs, high vacancy, in an absolute warzone, Detroit-like abandonment from an area, etc).

It will be a great way to get some leg in the game and build our landlording experience.