I should note that I had a full-time property manager at the time she moved in (they have since been removed), and unfortunately they lost the only other key to the unit I would have had.

When I reviewed the actual TD, it said something to the effect of "this TD secures a  maximum of 501K in debt" since it was the TD securing a LOC. 

Whats your goalTo buy and hold $800 per month pn that price is great up to $80k all inOr fix and flipYou can do a "white wash"Just clean it out remove all the crap and carpets etc basically giving next investor a clean slate and buy a little bit bigger property that migjt be easier to lend onAlso look for trust deed investors that take 1st positionHard money most of the time wants at least $50k

But if not, it would probably be more cost effective and quicker to evict the tenant yourself. 

I like the single family, because I can put almost all the day to day maintenance on the tenant (lawn mowing, snow removal).

You can also check the operating expense ratio (OPEX/effective gross income) in comparison to the comps to see whats going on.Good Luck!

Just be wary in NJ about taxes and the effect of a non-paying tenant.

@Russell BrazilI would argue that the yield if an asset has everything to do it.Why invest in one 6% yield asset when you might be able to invest in two or three 12% yield assets in another market.The point was about judging the effectiveness of the BRRRR method in a hot market.

They may be able to provide you with a lease agreement and then you can tweak it to add/remove clauses.Third, never shortcut your background checks, paycheck verification, and recommendations.

Do you then remove the loan payments from the rent which is 1k?