I just sent you an email including the link.

That includes any real estate holdings.  

Factors include: neighborhood, size, amenities, school districts, age of home, SF, number of beds/baths, and all kinds of other features that may be unique to your area (pools in Florida, for example). 

I continue to include the return address.  

You should be paying him in draws as the work is done, materials and labor included.  

I like using rentometer and craigslist to gauge averages in a specific area - craigslist is a good resource as people generally include photos so you can see what kind of quality the unit is.

We have great programs for every aspect of the real estate cycle including cash out refi's with only 30 days seasoning.

If I purchase a 2nd Lien Performing note and the borrower refinances the 1st Lien does that require them to include the 2nd Lien in that refinance and cash out the 2nd Lien?

@Charles S.The 50 % Rule States: That 50% of gross scheduled income (GSI) goes out over time to cover expenses not including debt coverage.The 1%, 2% and the 50% rule is meant to act as a quick analysis tool, to insure the deal is actually deal.

@Jen TeskeI don't know the area so I can't speak about the market you're in, but just by looking at the #s, you're missing a few things: Water, Sewer, Heat, Electric, Gas, Trash, Lawn/Snow removal, Cap Ex, Property Management (even if you're self managing, this needs to be factored in if you want to scale), and although you did include vacancy, if a real vacancy were to occur on a SF you'd have a 100% vacancy, making it negative cashflow since you'd have to cover all the expenses, not knowing when it'll be filled again.