I have been into the construction business since I was 17 including those college years.Remember that marketing and sales ability are very important.  

And I completely agree in regards to the deal being a little on the thin side, however, if I'm only coming out of pocket approx $24k, (including the 3 points) and can make $10-20K, (hopefully in 6 months), I'm ok with that.  

I also look at straight ROI - as this includes debt servicing whereas the Cap Rate does not.  

I didn't include as many investors feel that a new home would have no CapEx for a while (not necessarily true).  

Might you respond as well to the question that I am posing to others here:  At what point do you present the applicant with the lease?  

I have ties to these areas and plan to live or visit often in these 3 areas (including my current area of Seattle).

This is something I plan to do myself when I start renting, plus including an overlay showing from which angle each listing photo was taken.Also one inside one of the kitchen cabinets to help illustrate what size the furnace filter is, what type of battery the garage door open, thermostat, and whatever else takes, where the water shut off valves are, etc.

A non-owner of the real property can not do anything with the real property including sell or mortgage since they do not have a legal interest in the real property.  

Option B is less stringent in its underwriting guidelines, requires a higher down payment, higher interest rate but moves much faster. including the time it takes to do the BPO to assess the value of the property.

If you buy them at Home Depot, you'll pay $5/ea not including the H-Stake.2.