So treat the fully occupied thing as a bonus, definately don't count on it.There was one other thing I was looking at incorrectly when I was property hunting back then.

If you want to use a new appraisal, count on waiting a year.

I understand that you feel your agent deserves more, but it is really not up to you to count everyone's profit.

Since you are willing to manage your properties yourself, you can comfortably count on 20% cash-on-cash return.

I do now, instead of buying a house in 1976, I wish I had put all the money in Wal-Mart Stock, does that count?

First, get rid of the fixer and the REO from the list...they won't be counted in the appraisal, most likely...Second, there isn't enough information here to determine if any of the other properties are comps or not.

The ONLY person who counts in a building "being up to code" is the inspector, and ONLY their interpretation counts.

Don't feel bad about losing these properties.I know a ton of people that over paid in 2006-2007 because they counted on rents to keep rising and sale prices to keep appreciating with buyers that could get easy lending.So now they are in the same situation as you or in bankruptcy.If you do own your house free and clear or have a bunch of equity I would pull it out and invest now to grow it.I would also look at transferring title out of your name if it's the same tied to the other loans.Tax professionals have an insolvency form you can use at the time of the phantom tax gain on a short sale.Protect the equity that you have and start over and buy right.No legal advice.Wouldn't sign a promissory note.

How many red flags can you count?

If you count in PM add 8-14%.