Some professional tenants will pay the rent on time but then milk the landlord for free utilities.

If you are trying to recycle the money, you are better off find properties that need rehab and using a rehab loan to fix it up, then you would refinance the property into a 30Y loan at the new ARV or just sell for a profit.

., has it been milked)?

Where I am (Southern California) many (most) municipalities regulate minimal recycling percentages, making haul off and dumping more involved and more expensive).

Have you tried Milk St Capital?

We are late in the RE cycle, and I'd bet that both SV AND Austin are closer to the top than the bottom for this cycle, but believe that both have excellent long term prospects.

Trying to milk the deal for the most you can get out of it will increase the odds of this not working out for you. 

He's either recycling old material, doesn't have any of the proper paperwork (good luck when he breaks something important), or isn't going to actually deliver quality work.  

Milk it for the equity paydown and appreciation for those 5 years then sell. 

Now the power of this is the ability to recycle your money over and over while you collect cash flow from a larger portfolio although it's all leveraged.Let's now look at the $90k purchase.