-electrical, plumbing updated, re-insulated-Central locationThe cons:-low income/disability tenants (however have been there for years and seems rent is steady)-the house was built in the early 1900’sWith a purchase price of $330k - the cash on cash returns look great, I do think it’s undervalued if going off cap rate as most multi is in the 5-6 cap range.The hard part for me is getting my head wrapped around that old of a building and the tenant profile - usually I focus on Reno’s and attracting high quality tenants....with everyone on here I’m sure some of you can shed some light on your experiences and any advice?

While we were trying to sell a house from half way around the world, I had one that I told her what the house would have to minimum at because we didn't have much equity in it and rent wasn't cover the costs, but I would prefer to take a light bath each month than take any money to close.

Chances are a slip and fall will cost less then 2 million - even if a judge finds you at fault (remember, your property is up to code, you have handrails at the stairs, you have a snow/ice service etc) Also, you are leveraged, so you don't have a whole lot of equity/net worth to come after, which makes it less attractive for an attorney to take on a lot of work, for maybe a little payday.If all that is not enough, set up an LLC - it acts like a firewall if done correctly and contains the financial damage within the entity.The other way round, here is what NOT to do: own a 3 million dollar appartment building free and clear so it's pure equity to go after, in run down condition, with burnt out lights and broken handrails on an icy winter day and nobody comes to salt, next you forget to pay your insurance and of course you don't have an umbrella policy.

Non-QM lenders are asset based while Conventional lenders are credit based.Non-QM lenders focused solely on the following criteria when green lighting your deal:1-The ability of the property to cash-flow in terms of covering its underlining debt; or its ability ti appraise with ARV that covers the debt if you are flipping.2-The credit of the borrower (660 or higher, preferably above 700)3- Your liquidity (do you have 3-6 months of liquid assets) after you close on the property.That's it!!

Is there any groups or places I may have overlooked that can shed light on some options I can compare?

Also, take everyone’s advice lightly but be super weary of the advice given by people that don’t live/operate in your market when it comes to Southern California.... it’s a whole different animal here....  

That makes sense in light of normal wear and tear yet we too understand your running a business and have to keep track of all the paper clips.I have a lot of respect for trailer trash; hard working people for the most part that didn't get the same start in life as most middle class others.

About every 5 months I re-do my analysis and look at how much of a cash cow this could be if you do the work to the property ( light work ) get out some of the cheaper tenants so you can appeal & raise rents thru housing, and get the rent roll to where it should be, add coin op, decrease regular costs and so on.

I would take some in the evening with the pool light one.

After I do a light rehab (1-2 months) I plan to rent it out.