Welcome @Merritt Harris. you should find this Forum a great place to learn, and share back...

I was just logging in to check posts and stumbled across an old post that I made a few years back. 

Current home owner just got back to us today and said he has an FHA loan on the property but the property was passed down for 2 generations.

Back in September when rates were higher DR Horton was 6% for a rental property plus 1.5% towards closing.

We've had a string of vendors flake out or do shoddy work that resulted in additional damage and they're wearing me down to go back to the expensive guys...

I'm using the tenant's cash to pay down the loan, adding equity to my balance sheet, all the while I'm still cash flowing and generating a cash on cash return, of my own cash.If you are taking that 200 and putting it right back into the property, then it is a cost to you.  

But,you should be getting more back in the helping to value your property. 

Make the back lots smaller.  3.  

If you're keeping the properties all through the downturn and collecting cash flow, the prices will eventually bounce back up and your ROI will go back into positive territory.

There should be local investors in Fresno or Bakersfield who would see your vision and the numbers on the proforma and be willing to back you.