-CapX: $180List Price: $419kDesired Purchase Price: $399kDownpayment: $79.8kAnticipated Rehab: $10kClosing Costs: $4.2k30 yr loan @ 5%Total Cash out of pocket: $94kAnnual CF (before taxes): $6175.56ROI: 6.57%

Hello BP, total n00b here.

Not totally accurate, but getting better in my opinion.

I'm a full time note investor and it's been a total blessing in my life. 

If you buy a 2nd position you are buying subject to the senior lien; If that lien is in default then the total payoff ( if in default or foreclosure, interest, late fee's, foreclosure fee's, etc. ) is still owed and secured on the home. 

See how nice and helpful people can be when the situation is correctly stated :) @John Andruszka   SO Ya your next step is post pay or quit then file for non-payment, eviction, she's not gonna pay you a dime. is my bet and I bet I'd win that bet..You have no guarantee she'll pay rent, you've given her 2+ extra weeks to move..

What would your total monthly mortgage payment be? 

Totally WRONG.

As an example there is/was an estimated 3,000,000 SF of industrial space occupied by marijuana users in Denver out of 300,000,000 SF total. 

For a 16ft (4 - 30", 1 36"sink,1- 24" DW,  1 30" microwave cabinet. 2 - 18", 1 30" for island (10 total boxes @$400 each installed)) of counters/cabinets, I'd expect a $6500 cabinet and counter budget which includes sink and hardware.    24sf of cabinet counter + 12sf x $40/sf budget placeholder is $1440.