My second concern would be what the lease to own agreement actually says.

Credit report: Actual cost 4.

From speaking with another (actual) investor, I learned that this group operated heavily in the Stockton and Sacramento area.Bottom line: if you come across someone who tells you that you have to pay to learn from them, I would suggest to continue looking - it is possible that you may learn something from the "education," but, in higher likelihood, you'd only end up deeper in debt, or worse, in a bad RE deal that they could not find anyone else to sell to.There are plenty of honest people still around, many are successful and some of those have blogs and podcasts that you can learn from for free (although, they still seem to have something to sell you, but it is a fair trade off.)

My weird 55.9% of the original asking price was actually oddly specific and based on comps, rehab estimates, etc. 

I'd actually recommend the whole series.

If you are underwriting a property do you consider that the income may actually decrease (if so by how much) or do you think worst case scenario rents are stagnate?

The rental is actually up in Apple Valley, CA so I could reach out to the real estate association up there.I am also still interested in hearing others' experiences if anyone has any to offer.

I actually purchased my first property with a hard money loan.  

Boat slips themselves and racks (which actually can qualify for 1031 exchanges with real estate) were interesting but the HOA and taxes on them made the rent necessary for rental pretty darn high.  

Does anyone know if the lenders will even consider these numbers since they aren't the actual numbers the building is running at?