Speak to the lawyer personally or leave it alone and not give it out?

At that point, it becomes pretty easy to add up all of your positive cashflow, subtract off all of the negative (including commissions and sales costs) and get a net number that you can use to calculate ROI/CoC.

I'm not trying to be negative or suggesting that your friendship will not last.

Considering the sec 8 vouchers for 1, 2 & 3 bedrooms he is looking on average at about $2k per month...again I don't know anything about the properties so I'm speaking general terms. $65k all in with a fully rehabbed property bringing in $2k a month is phenomenal cash flow.*$2k per is assuming these aren't 1 BR apartments*

Some HML masquerade as private lenders but the fees speak for themself.

I hope to speak with you more often

Practically speaking you end up at the same spot as a 75-80% on 20 year deal after a few years of amortization and rental holds very rarely go bad within the first two years because owners are likely to prop them even if they don't cash flow for a wile before they throw up their hands.

@Matt Liu , I cannot speak much to your state law, it is wildly different than my states, but the thing that stops him from filing if you are not in breach, is contract law.

I can't speak for other states but flat fee services are perfectly legal in VA.

Perhaps that is where the 'obvious' lies, you have negative equity.