I have spent the last 2-3 years building this financial moat in hopes that we could start our REI journey.

Like Agents these guys and gals are worth their weight in gold.

There are ways to deal with these situations, and it depends on the property and the lien holder, but it's possible to do some pretty incredible things if you are willing to invest a little more in legal costs to close the gap on your losses.  

Also if you arent a warning incase you see the taxes paid last year from a primary owner you may have to pay more as you wont have that deduction in property value. https://www.phila.gov/services/property-lots-housing/propert... 

Since this thread got recently bumped - sharing the BiggerPockets fully published article last year all about this type of loan (Multifamily DSCR)https://www.biggerpockets.com/blog/multifamily-dscr-loans

Demand proof of payment on every unit for the last year.  

I posted something similar last night.

I have learned from my mentor over the last two decades. 3 years ago I took a step into preferred equity and landed an amazing opportunity.

Last week I received $250M in defaulted doc and flip loans (we buy notes), so contrary to what people say here on BP where it’s all rainbows and unicorns - that is farthest from the truthNow I am not saying don’t flip a property, but also don’t feel forced like you have to.

Probably due to all the losses they've been experiencing with all the wildfires, floods, etc. of late.We even have a case right now that required the owner to sue their own insurance company, because the insurance company denied their claim on an alleged technicality.