Property Will Cash Flow... But Not Right Away

[Daniel Curtin]

Hey Everybody,

I'm Dan and I'm from Chicago. 

I've been looking to buy my first rental property for awhile. I've come across cash-flowing properties in the past, but I'd get cold feet. I'd do my homework, but I always felt like I could do more homework. I'd think, what if expenses are more than what I'm estimating? What if I can't get the rent I'm estimating? 

Anyways, my parents are selling their 4-unit, and I'm interested in buying it. I ran the numbers in different ways to account for different scenarios: cash flow with PMI and without; cash flow with appealed taxes and without; cash flow at current rent rates, and cash flow with raised rents (after cosmetic rehab). Initially, I won't cash flow, but I would within a few years maximum. Is it still a solid investment? I ask because it doesn't pass all the rules Bigger Pockets talks about, but it will soon down the line.

Thanks,

Dan