People need a place to live, even when the economy is bad.

Not a bad jump into investing option with the intent of a refi a short time later.

Sometimes development can actually be a bad thing. 

IMHO, treating your investors right and keeping your promises is the best way to avoid problems with an investor but it's a good feeling to know we're well covered in case things go bad.

If doing so prior to "re-fi" would open up better financing options it seems to be the best choice as we plan to rinse and repeat of coarse.The 1.2 Debt service ratio is the same as DCR ?

Personally, it sounds like it was just bad timing on their part so I wouldn't sweat them being late once. 

Other than the comps telling you bad news, are there any other particular red flags you look for specifically?

Dave, I love working with newbie agents, they haven't developed as many bad habits yet. ;)If you are in or around Ocala, I am adding new members to my brokerage literally this week and again in August.

Due to bad and costly experiences  I do not recommend this company and the affiliated Real Property Management Preferred.

I'll check into a credit union for a HELOC but like you said I'll stay away fro a refi now that I know itd be a bad idea.