When underwriting, I did not use these positive assumptions about declining rates or growing rents.

and your buddies can buy their own. 

Oh, and accept the fact that they disregarded the risks and therefore shouldn't be bailed out.

Just a FYI be prepared for it to sell at a discount,Jay- I have seen people buying land notes for 12%-15% yield which is CRAZY and they are going to eventually lose their shirt once they go into default and the land value is repriced.Thank you for the info.

We can discuss what was required, why it was purchasable at a discount, and current value (and value after last rehab).  

I’m looking for some valuable tips on up-and-coming areas and would really appreciate any insight you can offer.

We debate selling it all the time but we know homes in CA usually always increase in value and it is just a waiting game and we can’t sell it right now and make a profit yet.

I'm running BRRRR deals through my modeling sheet and none of them ever come with positive cash flow.

I'm particularly interested in purchasing two-bedroom, one-bath (minimum) properties that offer space and potential for adding an extra bedroom and bathroom.

It's also good for insurance and legal reasons, because you will need to indicate every adult and all persons, as well as details (like children, pets, etc.), on the lease.