Our long term exit strategy will be to eventually sell some of the units as the market recovers . 

8.5% is a bit high on the rate but that's our current market.

Put the cash in your pocket and escape that market.

Also the market and level income (5 miles surrounding the property) is critical and off course the NOI so:I am wondering how you guys evaluate a deal  before investing your money?

Hey all wondering if anyone has any specific method especially for a newbie for doorknocking to find off market leads.

I see no reason that I would expect poway or Mira mesa to out perform the general San Diego market.  

(b) Required Documentation (i) Limited or No History of Rental Income Where the Borrower does not have a history of Rental Income for the Property since the previous tax filing, including Property being vacated by the Borrower, the Mortgagee must obtain an appraisal evidencing market rent and that the Borrower has at least 25% equity in the Property.

Over the next year or so, I plan to learn as much as possible while also connecting with people in my area to gain a better understanding of the market and opportunities.

If seller let roof warranty expire or not keep it up then typically try to get a credit from the seller at closing to cover future roof maintenance.Whether a roof needs lots of maintenance depends on if it was installed properly and how many trees are around it.

Make sure to keep records of your efforts to market the property for rental to demonstrate this to the IRS.