Rates, closing costs, and points also play a huge role in making the right move and can save you extra.You also want to make sure you have multiple terms like ARM products, Interest Only, No Prepayment penalties, etc.If you want to talk REI feel free to reach out I enjoy helping when ever possible.  

@Ryan Osborne - Thanks for the information on where I should be falling in terms of good numbers.

Sale-Leasebacks have inherent challenges because the tenant/seller is incentivized to market the property in such a way they get they price they want, but if the entity who signs the lease is weak and there's no personal guarantor, they could stop paying rent the day after you close leaving you high and dry with very little legal remedy.I don't know your market, but in my eyes, any 10% cap offering is either an extremely weak tenant OR a tenant that has very little term remaining with no plans to renew.If I were, you I would very seriously consider how much I like the real estate and what my odds would be of refilling the real estate with the same or better rent and/or a better credit tenant once this tenant goes belly up.

@Jay Hines I'm not sure that's how people would refer to wholesaling in terms of an investment strategy. 

You may need to focus on long-term wealth building instead of short-term cash flow. 

Bob,  Devil is in the details..

If so, and if your HOA allows, you could market this as a mid-term furnished rental and charge a premium for rent.

long term appreciation and value add potential How did you finance this deal?

Some investors want to get paid back within 12 months (most hard money lenders), while some lenders (friends) may be OK with a longer multi year term.

but long term.. the only one making money here is the guy selling the so called system