Background: My husband and I own a few (mostly local) long-term rentals that all have a positive cash flow. 

This is for a note in second position for a property I have a lease option on.

I wouldn't even put yourself into a position where you have to back out of the lease if you don't approve.

Overall I am cash flow positive between the two.

your day job also puts you in a good position to deal with tenants whom over the years I feel its like family counseling nad or child day care..

I believe they only have annual subscriptions in the $400 range, but they may have monthly I am not positive.

My question is how can you determine if a property owner has a high equity position?  

There are positives and negatives to this.

You have immediate capex ( deferred maintenance) and ongoing capex.Just remember most sellers are positioning the property as a (perfection property) meaning they say no deferred maintenance, expenses are low, NOI is HIGH.

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