I think the biggest draw for the landlords is that even in a city of ~five million people, there are only a few that will actually (knowingly) take these tenants.

The handful of places listed on LoopNet, across the entire metro area, are either (a) in the ghetto or (b) contain misleading NOI estimates (most commonly I've seen sellers omit the maintenance budget entirely from their calculation).I'm frustrated enough with dealing with agents that I'm considering going on a letter-writing campaign to try and draw out the little old ladies who want to dump their headache apartment buildings.

It gets expensive updating the panel breakers and wiring to handle the draw of electricity these require.

Over in metro Atlanta, there are a number of properties that I can actually offer all cash on (with the intent to subsequently cash-out refi) giving me a little bit more of an edge.

Subsequently I opened a bank account (in my LLC's name), so as to do more business with them and hopefully get more loans in the future.

I think I have managed to wade through numerous threads and postings on other sites about the ins and outs of deducting vs depreciating costs associated with putting my property into service.My understanding is that any and all costs...even if they would typically be deductible repairs were my unit to be currently rented or in-between renters must be rolled into the basis of my purchase and subsequently depreciated.

I also would not trust the documents that a property manager is drawing up.

I think you can even trigger a sales clause if you personally buy an asset (and finance it) and subsequently quit claim the property into a company or partnership for liability purposes.Just don't put yourself into a position where you have a lot of these loans with sales clauses having new deeds filed.... when it is in the banks interest to call the loan, they may.

What type of loan did you discuss (long-term for rental property, short term for rehab, loan with construction draws for renovation, etc)?

I don't want to put the exact details of what they offered me, but it is full commission, with a training program, but there is a possible draw opportunity until I close my first deal.