Also I recommend getting a hold of a commercial mortgage broker, he will know a lot of banks and can make your journey more simple.

Hey Maxim, fun exercise.

I am writing up a unsecured promissory note stating the terms with 1 point based on the ARV, with 11% simple fixed interest payed back at the time of the refinance.

Pay for vacate notice: normally this is the first step, a simple notice giving X amount of days (depending on state) to pay or leave.

Cody,I believe the speaker is going to discuss a deal type that you've likely not heard of, it's pretty simple and doesn't cost a lot of money to get started.  

I prefer short and simple contracts that are pro investor.

One simple breakdown would be if the renovated property was worth $1M and the property in its current condition is worth $350k.  

Property tax likely won't be that simple.

In my opinion it’s a simple decision sell your negative cash flow property and use the dead equity to buy another property that does cash flow.

@Seth PetersonYou are not entitled to a deduction for giving money to a property manager simple as a reserve.You are entitled to expenses as the property manager occurs expenses and bills you for the time/services/supplies.I.E. if the property manager pays $500 for a repair and sends you on the monthly report for $500 of repairs.