I am considering a greater discount off the $1500 rent, trying to work out a per diem amount for the “bad days”, or putting tenants up in a hotel.

For me, I have to admit that #1 has slowed me down along with fear of making a bad financial decision.  

Man, I have such bad news for you.

Or would I be better off just borrowing the full 560,000 from private money - is traditional lenders not even possible with a bad credit score right now?

Not sure how much a ES is going to be in your area, in our local market depending on the type and pahse the cost fluctuates - also fluctuates with how quickly you may need it.Loan term you described not bad the 80% LTV is good - the amort is good, the arm is typical, origination ok - you can likley get a non-recourse (thats your rate quote - will change until you lock in)Check the prepayment clause, normally it is setup as a step downYou can likely ge t a 7yr. loanI would encourage you to seek a local bank on your first deal, establish a relationship, perform and repeat :) Originally posted by @Tony Castronovo:First, I am learning that "typical" and "commercial" should not be said in the same sentence. 

I am looking to add heat to my attic and I have so far had 3 companies come out to look at the project and provide me with a quote.1 of them gave me an answer on the spot but the other 2 have not reached back out to m...

In case you are not so familiar with Jersey City market anymore - it is warm in the bad areas and super hot in the good ones. 

I'm getting feedback from friends that I need to open a separate bank account ASAP for them to deposit rents (minus management fees and expenses) into since co-mingling in my personal bank account is a bad idea.Could anyone shed some further light on why this is such a problem? 

@David Krulac  there ya go completely different than most states.. out here CA you buy the property at tax sale you get a deed in a few weeks or a month or so from the tax collector you record it.. its yours.. now there is a 1 year statue in CA for the owner to come back and say something was wrong with the sale.. but it is not a redemption they have to prove the county messed up the sale in some way.. the easiest way is to prove the county did not advertise the specified days.. we lost one that way.. but that was one in over a thousand my dad bought over the years.In Oregon for Sure the county commissioners actually have the power to reverse the sale.. but that's just getting it back from the state.. next time I see you I will tell you about one case that is fascinating here. but I don't want to describe it in a public forum and give the bad guys ammo if you know what I mean.

Yeah it wasn't so bad after all.