Cap rate is simple.  

Sometimes all the papers are signed late in the evening too late to record and I just run to the registry first thing in the am.Last purchase closing that I did, everything was signed by 10 am but the mortgage company did not wire in the funds until noon.

Did she say so or did you already get paper work?

You may consider starting out by doing some hard money loans to local flippers, or selling some of your units with seller financing to carry the paper.

I used Listsource to create a list of 212 Absentee Owners with equity.I went driving for dollars for about a month and compiled an extra 20 contacts to mail.Then I used Google to compile a good letter I wanted to use as a mailerI used plain white printing paper with a red font (looks like handwriting)Bought stamps and labels at a discount from Ebay (and used Ebates.com for an extra 1% cash back)I also used a local company to print 200 one color one sided bandit signs for $185.03 total (free pickup, no shipping costs)And got H-stakes from Home Depot for roughly $0.30 each1st dealI got a call from someone way out in Lakeland, FL.

Or more simple, use the HML or a small local bank (talk to the commerical lending department) for purchase + rehab funds all in one deal.Good luck!

The people that bring up the simple problems like plunging toilets or bad tenants are typically the people who do not like confrontation.

That seems too simple for me, so am I overlooking anything legally/logistically with this situation?

We had to pull up laminate and remove hardwood  install all new tar paper and plywood and then laminate

On paper this property looks terrible but once I replace the current tenant and place a new tenant upstairs the numbers look like a home run.