It is really appreciated.Just as @Brian Burke said, I am finding out how hard it is to do due diligence on the institutional investor.The sponsor said that they have a long standing relationship with the institutional investor although it does not appear they have had to go through a downturn in a deal together, which in my view would be the big test.

The practice tests online from Pearson are extremely helpful in preparing for the exam.

There are also "reserve" requirements that pop up when you have multiple financed properties, which require a certain amount in your accounts AFTER closing,  that only get more intense the more properties you have.  

I finally passed my test (finally!)

I have conversations with investors all the time about the difference between their spreadsheet and an eye test.  

With the help of these forums, I built a model that sensitivity tests MAO as function of capital structure, DSCR constraints, and cash flow per door thresholds.

Real estate ownership is capital intensive and when a tenant has mortgages on their balance sheet it can really be a drag on expansion plans.  

It was pretty intense. 

There's also no way I could refi that house and get all my money out like it seems you want (not saying it was bad buy, but you need to be okay going in with leaving money in the deal in order to buy in a desirable part of town).Jacksonville is cheaper than St Pete right now, but you are also going to face far more intense competition from institutional buyers and smaller investors for MFH.

With the minimal risk accociated with this deal, we thought this was the prefect opportunity to test our 40 hours or less goal.