Seasonality affects the market so what it appraises for now may be different than what it appraises for in 120 days when rehab is done and you are in escrow with a buyer.

The note is10 years into a 15 year term so it is quite seasoned.

The floors on the top story are robust, as are the wood-lined ceilings.

Its the seasonality, but I suspect its certainly something to do with COVID unfortunately -- i also have 3 units vacant, but im upgrading them now, and hoping by mid summer things will alleviate.

The way I see it, we probably won't see any income coming in on any of the units till possibly Aug-September and by then we'll have burned thru all reserves and roll right into tax season and be facing fat tax bills due.  

Of course it would be easier for us and the banks to go the traditional route of financing, but then there are the liability issues, seasoning rules, etc.

It will probably take at least a year to do necessary rehabs, get occupancy up and then you need to have it "season" for 6mo to a year for the banks to feel confident enough to provide you with financing so you can cash out.

Investors who survived the 08 crash. What is the best piece of advice you would give on getting through the next turn and what was the biggest mistake you saw an investor make that didn't get through it?

If you're a seasoned investor who has weathered down markets in the past, what have you learned, now or in the past, that can help you survive market fluctuations and pandemics? 

You might also think about bringing in a warm wood tone somewhere, maybe in the address marker.