Property is located in the Coronado Historic District and is in close proximity to numerous bars/restaurants and local hospitals.

I'm a little scared moving such a large sum around since I was told investing is like gambling and could lose it all, which I'm starting to realize it's not exactly that but its still nerve racking especially the stocks seemed to be going all over the place with covid.

In my experience, very few buyers (less than 3%) elect to gamble by not purchasing owners coverage.

I guess that’s the gamble… will it be enough to keep my bottom line under 80%.

I would be gambling on the inflated valuation with no tangible return on rents. 

Also I have talked with numerous investors in the area and the cap rate seems to be from 7-8%.

There are numerous original acts playing every-single night of the week and countless bars/clubs all over the place (and many of them signed to independent small labels).

While you MIGHT be able to get away with just a VOR or 12 month history of payments from a bank statement, depending on the luck-of-the-draw on underwriter and their interpretation of required documents, you're leaving a lot for gamble and heartache.

After numerous complaints multiple times a week, I reached out the upstairs tenants directly with emails and a phone call.

I also find an Open House is great A) It saves me from making numerous appointments, especially when a percentage wont even call or show up and B) Creates some competition when potential candidates see others interested in the home.