I found several hard money lenders that willing to finance 90% of the purchase price, but am still looking for the remaining 10%.

It remains in the policy as collateral for a loan you receive from the insurance company.

Those can be easily navigated, provided you remain aware of them.

@Joseph Bergman @Mike H.

Investors have to know that on the flipside, they are able to make their money back.As home prices keep rising and rising, and rental prices remain relatively fixed, wholesalers will be having a tougher and tougher time finding those great deals with the profit margins for a successful flip/buy-and-hold strategy..

A quit claim should never be used in a Sub-2, you need to use a Special Warranty Deed excepting out the mortgage to remain in place.

I know the existing leases must remain in place until their expiration dates but I imagine I need to provide the existing tenants a "change of ownership" form, provide new mgmt contact info, provide new rules regarding repairs and policies, etc.

Yes, you have a right to move into this apartment, but it may not be easy for the remaining tenants to warm up to you.

The agreement states for there to be a 5% pref; afterwich all remaining cash is split at 75% LP and 25% Principal.

The Numbers:- Loans total: 310,000$ (80/20 loans)- House value: 220,000$ (educated guess, not official comp)- Property (Mortgage, Tax, Insurance) % of Gross Income: 30.72%- Property (M,T,I + Property Expenses) % of Gross Income: 34.70%- Property (M,T,I,E + Living Expenses) % of Gross Income: 54.45%Cash Flow:- Rental Property: monthly expenses: $2,706.86- Living monthly expenses: $1540.85- Expense Total: $4247.71- Monthly Income (including rent): $4,717.50- Remaining: $469.79 (monthly remaining cash)Additional Numbers if it mattersInvestment to date: $26,000Future Investment: (Work next 10 years): $74,000Questions:Debt Relief- Was "The Mortgage Forgiveness Debt Relief Act and Debt Cancellation" extended to 2014?