We have reserves, but this solidified how important it is to have sufficient reserves in the event of uncontrollable circumstances.

I am an agent and I always ask the other agent to confirm receipt of my offer. 

I just completed a Cash Out Refi on the California property and now have 200,000$ Liquid cash, as well as additional 50000K liquid cash for reserves/emergency funds etc.

@Joshua Sun personally I would put the minimum down payment and pad my reserves instead and/or earmark the difference for my next property.

And when the market turns, they will drop you in a heartbeat and leave you with a mess.If you're going to let someone sublet/sublease your rental for a profit, you should only consider it if you can confirm they are professional and they are willing to share some of the profit and reward you for the increased risk.Personally, I would walk away and stick to your original investment plan.

Keep good reserves, in any event.

We recently maxed out our cash reserves on another large commercial property about 6 months ago. 

You should have money in your reserves to handle a vacancy until you sell. 

Best bet is to find that for any area you are looking into to get confirmed numbers.

Also, the loan with the lowest interest rates are typically Fannie Mae and Freddie Mac Small Business Loans (aka "agency debt"), but they do have requirements such as 2+ years multifamily experience, equity equal to the loan amount as well as reserves.