West Philadelphia born and raised, on the play.. you know how it goes.

Final would be completing the application with the City of Redlands or perhaps in some cases San Bernardino County, pay the required fees to related agencies and then play the waiting game for approval and assignment of new APN number. 

For e.g. with a 15% IRR, two scenario will play out differently:Scenario 1: 20/80 straight split - Sponsor/Investor (GP/LP) split: 3/12Scenario 2: 8% preferred return, 20/80 split for returns above 8% - Sponsor/Investor (GP/LP) split: 1.4/13.6As you can see, Scenario 2 is better for the investor BUT long-term if you make your investors happy they will keep coming back to you.

Not sure about the demand in the area but you probably need to check on rents and what types of tenants the area attracts.

HML traditionaly are for short term lending situations NOT buying rentals.. some have morphed into a rental product.a few others to consider.Visio LendinghomeLendingonethese are legit..who is not legit is usually one off people that advertise on facebook..and other places.. offer rates that are under industry averages.. then hook you for a small application fee that turns into scam money and you never hear from them again.unfortunately real estate is prime ground now for Nigerian prince scam type things.Couple reasons .. the Internet  the huge demand by those that have never bought real estate or a rental entering the market and have no real experience to understand the industry or what is real and not real.

BUT - they will demand that you then sell or otherwise do whatever is necessary to stop renting the house. 

Disclose it.Teenagers playing loud music on the weekend?

New housing starts have suffered due to a lack of labor that left at the end of 2009-2010 market downturn.Prices are based on supply and demand, not interest rates.Rising interest rates will increase the cost of ownership, but it won't be able to change the supply problem.Those that can afford it will continue to buy at the maximum of what their wages will afford.

It also keeps the door open for monthly furnished seasonal rentals which are high demand and may net you more then long term.

I analyze the pictures and send a report to my PMs and demand actions on all the items.