I WILL have an A+ tenant next time around.I do not use a property management company and perform the work or hire it out myself.  

If a deal can't get past your initial screening, why would you commit your valuable time and effort into performing a full analysis?

Look at it this way, they are kind of like an additional government that collects money from all the members and are supposed to perform a set of services for the common good of the members.

Vivek Khoche Not sure I need the education, I have a portfolio outside of California that's performing better (cash-flow) than any options here.

Are you suggesting that an indexed universal life with gain caps and surrender charges, mortality charges, and premium charges (usually adding up to over 2-3% annually) will out perform a well diversified portfolio?

I'm out of my depth here, but I read other places that banks will only count a percentage of your performing rental properties toward your income and only after they have seasoned for some period of time, eg. you have a rental that has average NOI of $6,000 a year, the bank will only apply a percentage, say 75%, so $4,500, to your income.

Performing, homestead owners of house.

That exercise might yield a value higher than $318K based on the $395K property, but there should be at least 2 other comps included which could pull the value down.The reality is that appraisers will compare properties based on how they look on paper (s/f, unit count, beds, baths, stories, parking, etc).  

I finally got the financing right and now it performs well. 5 years ago I refinanced and put in the 20% down payment that would normally be required.

Since it was a rental, the bank is not going to look at that the same way.Self-employment puts another spin on things and is sometimes difficult to finance.You definitely need a mortgage broker to help you as the option-exercise time period is usually a window and doesn't last forever.