The "major disaster" declaration is totally inappropriate for the island of Vieques. 

I'm purchasing a junior non-performing mortgage behind a performing first mortgage secured by a home in Massachusetts.  

I wouldnt say it has great cashflow like others who invest out of state, but to me this is good enough as learning curve.Here are my rough numbers:Purchase price $303000Repairs and Closing cost is about $7kDown payment is 25% Total invested about $83000PITI is about $1550.1 unit was rented and the other was vacant.

I totally agree with you on the new restaurant thing and I would not do it at this point in my life.

The numbers look good:Location: Broadway HouseNumber of Units: 1Rent: $1,350.00 Square Feet: 1,666 Upfront Costs:Cost per Unit $95,000.00 Price: $80,000.00 Cost per Square Foot: $57.02 Cap Improvements & Repairs: $15,000.00Cash on Cash Return:19.84%Total: $95,000.00 Debt Coverage: [minimum 1.6] 1.78 20%Down: $19,000.00Capitalization Rate (ROI)9.05%Current Assessed Value: $29,666.00 Loan Amount: $76,000.00 Net Cash Flow per month: $314.08 Interest: 4.88%Net Cash Flow per month per unit: $314.08 Term (yrs): 30Total Rent/Month: $1,350 GROSS SCHEDULED RENTAL INCOME: $16,200.00 Less: Total Annual Debt Service: $(4,826.40)Less: Operating Expenses: $(6,470.63)Less: Vacancy and Credit Losses (7%): $(1,134.00)NET CASH FLOW: 3,769 NET OPERATING INCOME - (NOI): 8,595 INTEREST: 3,680 DEPRECIATION: 3,455 NET INCOME: 1,461 Property Insurance: $1,000.00 Property Management (10%): $1,620.00 Placement Fee(30%): $405.00 Real Estate Taxes (5.06179%) $1,501.63 Repairs and Maintenance (12%) $1,944.00 Services: Snow Removal: 720 Utilities: Electricity: N/A Gas and Oil: N/A Sewer and Water: $30.00/mo Other

The sales price would be $200,000, the property rehab would be approximately $80,000-$100,000 and the ARV would be anywhere from $400K-$450K.I’ve secured preapproval for a conventional homesense loan but the closing time on that is 45-60 days.The seller needs to have a fast close so I’m exploring HML or other options.I’m a first time rehabber so I’ve noticed that most HML lenders have really awful terms for first timers.I’m in North Carolina and was hoping somebody could direct me to reputable lenders that will work with me.

so 4K (x2), 400 (x4) 1K (x3) = 12K + little things here and there IE 3 flooring redos at 2K a pop, so 18K total over 27 years.That's assuming I hold it for 27 years, at which point now it's free and clear so my cash flow turns into $600 a month.Your property analysis adds $213 for utilities I'm assuming that's HOA/Insurance?

Security Mindset – Are you pre-programmed to protect what money you have?

Even if it means getting a secured credit card.

Are you competitive in what you require for security deposit?