Make the application fee non-refundable under any circumstances.I recommend an "elevator pitch" where you can quickly share your basic rental criteria within a few seconds.

I am not sure if that is normal, these guys are in the SF Bay Area, but they put in the labor to do their renovations on those periods of days that they are off and they seem to love the time fit between the two.

Purchase price: $85,000 Cash invested: $115,000 Sale price: $245,000 Bought out of redemption period.

Is it something that happens every time they flush, or just something that happens periodically?

As I have grown to 31 units there are things that I certainly hand over to contractors and I don't do much more than make a quick phone call to deal with the situation.

It would be great to have a calculator that allows an LP to see projected profit over say a 10 year period and adding 1 to 2 more investments per year (and rolling over existing projects) to project passive income over a 10, 15, or 20 year period. 

Well that was quick, thank you!!

@Frank W LentineYou'll need to clear all this with a tax pro...Quick questions: are you a single member of the LLC?

Fortunately it sold quickly and we were looking to put it to use. 

The intent of this method is to use the funds to quickly secure the property and then pay off the HELOC to take an equity position and reduce your overall risk.