We plan to bring along a colleague who has expressed interest in working with us on a deal but he has no real estate experience.

Awesome post Michael - it speaks to so many things that I am often try to express about realistic goals and expectations for investments.

I realize the use of the word "typical" is loaded please take it to mean usual or common.Scenario:Property Value: $125kLoan Value: $100kLTV: 80%Rate: 12%Points: NoneTerm: 15 monthsCollateral: 1st position leanQuestions:Is the interest rate expressed in terms of APR or something else?

(Love that expression).  

I agree with @Wayne BrooksI would tread very lightly, but also express your concerns that you never called an inspection and if he could come back when you call it in and have more progress?

He also expressed to me that working with the realtor has been less than enjoyable and at this point he just wants to sell and be done with it ASAP. 

There is an expression from Abe Lincoln that gets thrown around a lot on this site, it is "If I have 8 hours to cut down a tree, I will spend 6 hours sharpening my axe".

Yet, how is it that an appraisal can be expressed as a single price? 

If my tenants talk about this to other tenants and these people express approval that their landlord is honest, that's a good mark for me, and my tenants have feedback from third parties that they're getting value for money out of living in one of my properties.You're running a business.

I have some folks who've expressed interest, so we may be able to sell without putting it on the market.Since we're empty nesters with an older dog (he just turned 12 yesterday), we'd prefer to be on 1st fl for all our sakes.My 5 yr goal is to acquire 2 MFH per year over the next 5 years.