I'm hoping the quotes I received from contractors will be a sufficient show of progress but I realize that if I can complete some of the smaller items ahead of the date, that's also a good idea.  

In HCOL areas, 3 or 4 unit isn't really an option because of FHA's self-sufficiency test (google it if you need more info).

The credit union offered me a line of credit sufficient to cover the mortgage and also tap into the equity a decent amount.

I do own two 2 single family rentals with a 3rd on the way.While I think I understand both sides in this thread....it seems to me that those who are saying appreciation is the only way to make real money have not planned/set up their cash flow in a sufficient manner to cover expenses.I just tried the BP calculator for the first time....it does indeed have sections specifically for capex and other expenses. 

Hi @Trina Walker,I share your story, as I am also "50'ish" and I am getting into RE investing to supplement my retirement income, and to ensure that I have a more than sufficient padding, which will allow for travel, and the ability to build a financial legacy for my family as well.  

Be sure your option contract grants sufficient possessory rights to enter, to inspect, and to show the property to your prospective assignees.

J - the POA that was used to sign the contract was not sufficient to sell the property.

.-- Establish good rental criteria-- Diligently screen prospective tenants-- Do comprehensive back ground checks-- Select low risk tenants-- Collect sufficient security deposits-- Use a well written rental agreement-- Make sure your tenants understand the rental agreement-- Enforce the rental agreement.-- Do regular inspections.-- Hire professionals to assist you as necessary.Good Luck!

If it does foreclose, there is sufficient collateral there for the groundfloor investors to be made whole and I personally guaranteed the loan so I'm on the hook for it.

Would it not make sence that where the knowledge of the investor was sufficient in all real estate strategies and the market remained stable, that the longer the investor was exposed over time that the greater the risk would be?