Banks learned this lesson painfully in 2008-09, and they are going to look skeptically at value added plays unless there is a transaction involved (and thereby you have the willing buyer test met as well as an appraisal).   

You can find it at moneychimp.com, (I'm in no way affiliated) I included the websites description because I think it does a better job than I did of explaining the average return fallacy. 

Am afraid your lease was not descriptive enough and may have a tough time in court.Take this as a lessons learned and start working on improving your lease from the things you are seeing with current tenants and then wait it out if you can, which you seem to indicate you can do.Even with a very tight lease, I paid close to $3000 in evictions not to mention the heartache from tenants that I inherited on my first duplex purchase where I lived on one side and rented the other.I will never again inherit tenants.These ones moved in an extra person a year and a half in, despite lease saying not to, smoked marijuana and cigarettes in house despite lease saying not to and worse, I lived on property so they became very sneaky about how they broke their lease and these was just a nightmare.I hate evictions, but I equally hate bad tenants and tenants that I have not personally screened and that is why I refuse to take on tenants at property purchase.I also always, always do unit inspections.I just did one yesterday and glad I did, which I had initially decided I would not do, but nope, get in there and see how your property is being maintained.My fairly new tenant seems to have an issue with basic housekeeping.There was a smell in the unit, which I still cannot figure out what it is, but brought it to their attention and will be following up, he has a car that leaks oil endlessly on my newly resurfaced concrete driveway and garage flow, has a ring in toilet bowl that is also stained and smelling toilet from lack of cleaning.It pains me to see a unit that I took great care of when I lived in it to see what it is quickly turning into but I am nipping that in the butt right now.Dirty tenants can be a liability to any landlord, but overall tenants will try to test you and see just how vigilant you are and how much they can get away with.I also make notes on what I want to update on my next lease when I run into issues.Pets?

I’ve been to a couple meet ups, and met a lot of good people.

If they do not move, we end-up with our mortgage payed down far faster as our interest rate is 2 - 3% less than yours.I posted a more detailed description on BP (for Ned, I believe) about a year ago ... but cannot seem to find the thread at the moment.

Amy A.Rather than a list of questions (which may sound like an interrogation), why not simply include your screening process or the same material, but as a series of "criteria":1) Applicants should have income equalling or exceeding X-times the monthly rent;2) We perform a credit history and criminal background check on all applicants;3) All our properties are smoke free, ....We return an e-mail with a more in-dept description of the unit and a copy of our application {which includes our screening process}.  

I've met a lot of great local investors and lenders through this platform.

@Mike Wood The legal description reads as follows, but it is taxed solely under the address of the property.6 7 8 & 9 *COMB LOTS 8 & 9 HERE FOR 1, Blk: 14, Subd: JOHNSON ADDITIONBased on this, how much do you think it would cost to subdivide into separate taxable lots or has it already been divided?

Good luck.EstoppelLetterThepurpose of this document is to provide Buyer of real estate anaccurate and complete description of rental agreements in effect for:_______________(address), Springfield, MO Unit(s) ______ (fill in)1)Name(s) of tenant(s)/business(es) at the premises:__________________________________________________________________2)Lease term (Circle A or B) A)The rental agreement is a Lease, starting ____________ and ending__________.

I met a private investor that will fund my deals 100% with a 12% interest.