In REALITY, no.

So, in reality you are less likely to get in trouble with a checkbook plan - so long as you are willing to stop and ask questions if you are unsure.  

Assess the reality, not the potential.

I have decided to take this action and make it into a Reality!

I watched enough reality shows to say I know the basis but not enough to go out there to do myself.

The funny thing is that while IRR can be very precise, it can also be very misleading in the hands of someone who understands how things work but means to steer the investor away from reality.  

The strategy being that many of the folks that bought in that time period have seen substantial appreciation, and are now 4-5 years into the reality of being a landlord, and some want out.Taking that idea up a notch, is to focus on out-of-the-area owners, as being a remote landlord is harder.Up a notch further, is to drive by a handful of those every day looking for ones which are vacant or in dis-repair.

But the reality is I have a first that would never subordinate to 30k second.

In reality I think you are going to need to let them test if they want to. 

The reality was that it was much harder for us to obtain loans after the first 4 mortgages, so it slowed us down, and now that prices in our target markets have risen, it is hard to find decent deals, slowing us down even further as we totally believe you make your money when you buy.