ARV- $188, the property owner owes $186K and pays $1088 a month for the mortgage.The property owner is open to a $5K to 10K down payment and a monthly payment of the $1088. 

Quick question: We’re new to landlording and a pump in our tenant’s unit broke leaving them unable to use the kitchen sink for 5 days until the plumber can replace it.

And I think getting a short sale will be difficult, as you have to show all of your assets and a lot of banks won't agree to a short sale, if you have cash and other assets.

One of my best days of investing was about 13 years ago when I wrote him a check for $60,000 (he gave me $7500 a year and a half earlier and the deal matured).

It's a good deal when you can create a solution for the seller and a profit for yourself.

No modification is needed to the operating agreement and as long as you are calling for capital pro-rata from the investors their ownership percentages stay the same relative to one another.Having explained all that, if it were me I wouldn't do it. 

If there aren't many for rent in the area you can use other sources like Rentometer and a few like it.

Because of BP and the networking I have done I bought my first small MF about a year and a half ago in an area near me with virtually no money out of pocket and now recycling those cash flows I am in process to buy three more out of state.

In court you just explain each item one at a time--eg. show photo proof of what the carpet looked like when they moved in and when they left, the bill to clean it and a photo after it was cleaned, etc. 

I also have looked around on rents and a homes between that size pretty much all across town are 1000-1300.