This typically is investors.

Underwriting is typically in a far off place, and I hear over and over from realtors, that the bank drops the ball at the last minute.

The apt is 500 square feet and costs us, after utilities, over $1400 a month.

These investments are typically more for the stable income they provide.

What's of more importance is the rent the tenant pays and if it's at or near market rent or not, the vacancy rate, and utilities paid or not paid..

The Irvine/Newport markets typically withstand drawdowns very well, much better than other cities.

Typically Portfolio Lenders have a little bit more relaxed guidelines and care more about the feasibility of the project and potential rent assignments than the borrower.

I suppose a "dealer" would be charged normal tax rates according to the typical income brackets correct?

Pro forma rents are likely to be around $825 & $935, including utilities, although they'll be billed back to tenants going forward.As far as the cap rate, I said not to ask!!  

It's an 2/1 872sqft, $$1400/mo and Tenants pay all Utility 2nd property property is a Duplex.Front Unit is a 2/1Back Unit is a Studio Sqft 1832Tenants pay all Utilities Separate metersRents are $1300 & $1000/moProperty are in Great shape with a 10% capThis is a Package deal, so Pm for more pics and Info..Proofs of Funds Required before disclosing further info..