Seems like the rates wouldn't have changed enough in that timeframe to significantly impact your numbers, but I don't know any specifics of the deal.

So you would ask for, i.e. 45 day feasibility period (the time in which your deposit is still refundable) and then if by day 45 you feel confident and can start to move towards a close, then you will ask for a certain amount of time to close, but during that second timeframe, the deposit is now NON refundable.

NYC can be intimidating for new investors, but if you're open to out-of-state investing, there are states/cities like Cleveland, Ohio, that are more investor-friendly and inexpensive.

My fear is not being able to find good tenants in a reasonable time frame.

Hey Luke If you're open to out-of-state investing and looking for an inexpensive market that produces strong cash flow, I recommend checking out Cleveland, OH. 

You use it only with a solid exit strategy to refi or liquidate and pay it off within a set time frame.

If you're open to out-of-state investing and looking for an inexpensive market that produces strong cash flow, I recommend checking out Cleveland, OH.

Much less than option 1, but much quicker timeframe.

He can now do this same 50k deal as many times as his refi time-frame will allow him to do.

The one's at the box stores are inexpensive and easy to install and the new good looking heavy glass one's have to be professionally installed (pretty much) and are very pricey.You can just put up a clear plastic liner if you want the bathroom to look a little more finished for no money and the tenant can put a decorative one over it if they prefer.I guess the glass door are a little better at keeping most of the water off the floor but most people do alright with the shower curtains.