If interest rates stay high, and I think they will, we will see huge tailwinds for rent growth - to the point where "the rent is too damn high" people will begin to get extremely disgruntled and rowdy over the course of 2026. 

Many other projects have reduced or suspended planned CF distributions and I've also had a few capital calls in which I did participate since the business case still made sense (the MF in Florida had a capital call to finish construction and get through stabilization and it still returned the 32% IRR).I expect almost all of the deals to be OK, just later exits than originally projected.I am very concerned about one project and have already written it off in my head.  

If My father and I use the heloc to fund the repairs; I'm concerned to have payments on a heloc as well as giving up all the cash flow for a period of time.

Hi Jessica, have you called his office to voice your concerns?

Knowing how fast or slow things are turning would not cause me to change how I manage my business.I'm more concerned about current market rents  All else equal, I know that by lowering my rents $50 or $100, I can lease up my units almost instantly. 

However, it seems extremely high risk as, to my knowledge, it is unsecured and only backed by a 'promise' to repay not any hard assets or relevant collateral.    

If you do not have those it will extremely hard to ever sell it to someone who will require bank/lender financing or refinance it down the road if you want to pull out cash on the ARV or future equity.The other rule of thumb is that you buy it New and that it was never on another property or location, simple built onsite or trailered in from warehouse. 

They sold two appreciated duplexes in Dallas and we turned them into 8 units in Mesa, AZ with higher cash-flow, and much closer proximity to Southern California.I'll add to your Phoenix "pros" list:1) Landlord friendly rental rules2) Easy evictions in < 30 days3) Rents are rising faster (on a % basis) than many other metro areas4) Low property taxes (and the property taxes don't sky rocket after a purchase as they do in CA)5) Very low vacancy and extremely high tenant demand.

Verifying last 2 years of rental history and income extremely important to find the “best of the worst”.Make sure you understand the Class of properties you are looking at and the corresponding results to expect.The City of Detroit has 183 Neighborhoods we’ve analyzed.DM us if you’d like to discuss this logical approach in greater detail!

Mobile homes are cash cows and we are doing extremely well with them.