Hi BP Family,Today I was offered a tape of NP notes and I was also offered a single Performing note.

That might be lower value today than the 2 4-plexes but you would not be a slave to comps for valuations.

Depending on how much money you have (the money you mention is for you to live on), it could be enough for the 25% down and the reserves a bank would want to see but this becomes high risk pretty fast since you will be giving up a HUGE chunk of money you have to live on.Finally, Brandon Turner's book on no and low money down investing can give some ideas on creative financing.

Any tips on how I can find a good tenant fast.

If you feel that the overall mix of security and income production of a rental property will outperform what your IRA is generating today in conventional assets, then it is a good move. 

I've never used the BP calculator. 3% is less than two weeks and it is hard to turn a property that fast. 2007 is over 10 years old, that indicates an average repair rate to me, not a favorable one.

in other words it is not true that if today's rate is 4.375% that means that all the lenders are going to give me the same rate? 

I see a lot of posts and hear on podcasts from people who did live through it as investors and they clearly learned a lesson they will never forget and consequently they are successful today.

@Mike Flora  I was at J Martins last Oakland event.. and Bruce Norris did the keynote and I sat with Sean at dinner.Bruce likes SFR and half the Q and A for him was exactly that when is the crash coming and how deep will it be.his comments now were geared towards west coast but I do believe they are germane in many markets.He feels a market is not heading down until 20 to 30% or more of MLS is foreclosure acitivty or short sales and in our area that boat has sailed.. there is very little of either.He did mention though that he felt MF was  to use his words  " FROTHY"  his statement was when he talks to other MF owners and ask them would you buy your property for what you could sell it for today or a like kind one.. it was a resounding NO.. which to him or his point was he felt it was over valued and at some risk for moving backwards.. and from my VERY limited knowledge on MF I suspect that only happens in an over build situation to many doors not enough renters and you have rental bonus wars..

Partnership taxation can be very simple but can also get very complicated very fast, especially when you get into substantial economic effect issues.