Richard,

there ya go. Wamu and country wide making these investor loans in crappy and non sustainable markets,

where are wamu and CW today?    OUT OF BUSINESS WITH BILLIONS IN DEFAULTED LOANS!!!!

How to deal with real estate agents.  That's easy give them a big hug

Net cash flow of 14 to 17 %.      Not in today's market unless extreme high risk.  See many post of those losing there rear ends

New York is not a mail in the keys state. There are 12 states in the US that are though and only for owner occupied, every state in the US has the ability to sue on the note.

My guess is this is a vendor finance transaction. Not confident any lenders exist in such a terrible market as buffalo,,, here Nigel and I agree… Although I do not agree in Nigel's assessment of credit risk vis a vi a default,  

Your description of your landlord experience is typical of buffalo, Rochester, Detroit.   

Ah what is better invest in a market that got crushed and is poised to bounce back massively , or a market that never really fell a lot but may not rise eieither I think the stats John points out are great… But Texas has no shortage of land so sprawl is the name of the game there

1031 buyers are under pressure to complete there transactions….and are not a good indicator of market conditions 

i agree with freckle on the anchor tenant comments…. Cap rates on commercial follow the risk reward curve… Like here in Portland were I reside multi family trades at 5 to 7 caps but vacancies are less than 2 %.   Get what you pay for

Are there no hard money lenders in oz?

What about sink holes?

One cannot buy or invest in one hotel room,,, one could be a member of an LLC or corp that owns the whole building… Need to make sure investment structure is legit other wise we will be reading about all those that thought they owned a hotel room in the nd.

Cheeves what was in those brownies. Out here in Oregon we have special ingredients.