But I've lived in 5 different apartments/homes in the area (mere blocks away) over the past 10 years, and from personal experience, having friends in the neighborhood (literally 2 blocks away), and researching current rents... 70% of market seems like a very conservative estimate for what these units are producing.

(although I have 2 that are 2 yrs old)The lenders I've spoken said they need to see 1 year of P&L on all these rentals - as I would need to fully qualify on the passive income they produce... before I can qualify to do a "cash out refinance" on any of the properties.Does this sound about right to everyone?

@Abel Teklu Same Eddie Speed...he is based in Dallas area last I knew.I found one .pdf he produced... http://noteschool.com/wp-content/uploads/2015/04/Making-Money-From-The-Meltdown.pdf@Abel Teklu

The property would rent for $1700.I have about $120,000 liquid already to continue buying properties, but my question is would it be wise to sell this one and use the additional cash to buy 4-5 more distressed properties cash this year and refinance them.That property would currently only be producing a 7% cash on equity return.  

Sounds like a great investment, I'm sure it will produce awesome results.I am also interesting in investing in MI, but I live in CA. 

It also seems as if renting from a home owner is 100% legal as well (as long as it is not a certain distance from a school zone, and the amount of plants do not exceed the legal limit the caregiver is allowed to produce for their patients).

High leverage produces outstanding returns in good markets, but will cause a cash hemorrhaging monster when the market turns.

I have heard blue collar, 1100-1200 sq ft, 3 br 2 ba, single family homes.  6) Do you produce more cash flow long term by buying the same home for $600,000 in the Bay Area compared to $400,000 in Sacramento, Oregon, Washington, etc?

I am going forth now and hope to meet people along that will  help me get off the ground and start producing a profit, I am very motivated. 

Not sure where to turn at this point and need help.We are looking for input on a referral to a pro-homeowner firm or preferable a specific attorney who has been successful in dealing with shady HOA's and producing a winning outcome for the homeowner and will not charge crazy expensive fees or milk us dry.