I'm out of town investor, and I purchase a property in Cleveland, signed contract with a GC i meet on here, who was doing a decent job for some time, and I thought it was an honest guy. 

We also can meet all other requirements for borrowers (credit score, DTI, etc).

Hey @Chace Fraser and @Mathew Taylor,Thanks for your initial thoughts and since you are the only two to drop in with comments, where do you think would be a good place to meet up? 

Hi Paul,Once you have a successful multifamily deal under your belt (and by successful, the deal meets or exceeds your return projections), you improve your ability to raise money for your next deal.

I am trying to avoid an FHA (203K) because I do not want to get stuck tacking on thousands of additional dollars (that I will be paying PMI on) to pay a professional to paint the inside and outside of the house to meet the "no peeling paint" requirements in order to close on loan.

Please note any unpaid preferred return will be accrued:Senior debtholderRepayment of capital and any accrued returns to meet the 9.0% preferred returnAt sale investors will receive their pro-rata share of 25.0% of the remaining profits

I'd get to a REI meeting as soon as possible.

If you run your number and think you meet these, you should be fine. 

@Natalie Vittini welcome to BP.1) If you havn't already, you need to be going to your local REI meetings.

If your NOI is $40K, then that doesn't even meet the 1% rule, it is closer to 0.08%.