Both rooms rent for a total of $1100 and my mortgage is around $800.

The PM is going to make the simple calculation of monthly total gross rent x 5%, which will include the CAM.

It just so happens that to meet my criteria a home has to be below market value for the rental rate in the area, but I don't rely on that as a filter. 

I’m just looking at flipping right now because I don’t have any of my own capital so I’m trying to find a way to build some of my own so I can do my own deals and don’t have to rely solely on cash investors.

The problem is that we are paying $1600 total expenses for the property (WSG is included in the HOA).

I'm looking to buy in a decent area. My friend is already a landlord and says a 2BR unit goes for $1800. However, when I check craigslist, individual rooms are going for $450-600. They're all near the subway.Any idea ...

Most investors rely on hard money lenders to secure non-homestead/investment properties. 

All make total sense.

Swanny here and keep learning, asking questions, find people with a whole lot of RE that has been in the trenches for a while now to learn from.I just started with one little rental condo in 2011 and am approaching 122 front doors total in 8 apartment complexes and 4 little single family."

They could have paid $5mil for the note and they may be willing to sell for $1mil if there are liens, judgements, taxes, etc on the property that total several mil.