Second because they can’t borrow the amount over the property’s appraised value, even for the furniture.

I could actually sell the property now for over 300K right now.I am flying there to get a new refrigerator, change the locks, and get new remotes for my garage door plus meet the Property Manager.

I've invested over $2M in Detroit and have shared my journey on here.

As an investor with over 20 years of experience in Tampa Bay, I highly recommend looking into Tampa for long-term buy-and-hold rentals.

@Fred Haas unfortunately I've heard that story too many times over the past 17 years.

If the property is over $100k value, and the loan ask is over $75k you can qualify for a DSCR loan with no seasoning required as long as you put $10k in rehab.  

Regarding your PMC, every ownr thinks a PMCs "inspections" are them spending 3-5 hours going over everything in a property.

Honestly, I wouldn't sell it, I'd keep it, buy another similar property and repeat that process over and over.

@Alice Horn is a good resource for this; I've spoken to her over the phone before and she's very knowledgeable and personable. 

With this T12 I am suspecting the apartment wasn't fully occupied in the preceeding 12 months, hence the low rental income.I am very concerned with over 40% operating expense.