Thank you so much for the advice proided so far, you all are right it is so easy to just walk away... on I shall push until I hit the aha!

But how about electric?

There are some markets out there that took huge hits and will likely make very strong recoveries, while others that took big hits may remain low for the near future.

This is the additional Tax only for California on top on the state tax.2)on my current project, the contractor putting new electric wires at the crawlspace.

The policy requires a 4-pt inspection on the property and I have found that the electrical box needs to be upgraded.My question is can I or should I make this repair prior to the closing so my policy can start on the closing date or should I wait to close?

I re-read your reasons "payment plan" was in there and it hit me.

I can just insure for what it would take to pay off the loan (and a little more) provided I'm within their square footage limits.Basically, I was getting hit from State Farm to insure my rentals up to what it would actually cost to rebuild.

Even if the LTV is right their lack of experience can tie up your money, cause you not to churn for points, and at best you might not get any payments and break even or lose money.I can see places like Cali where if the money is strung out in a climbing market the HML could come out ahead but also could be left holding the bag when the market hits a bubble and many loans drop in value at once.I think the best HML's talk to you on the phone and share their experiences.

I collected 750 per month and I had a 261 per month pmt and about 140 in property taxes and insurance and I had a 400 a month heat electric bill.

I know it might be hard to find deals with cap rates in the high teens but I dont even get interested in income property till the cap rate hits about 20%.