As @Pam R. mentioned, it will be extremely important to decide your criteria in advance in the event you receive multiple applications.

Tenants to pay all utilities.Estimated Taxes: $1,850/yr (on high end; could be closer to $1,400 on low end)Estimated Insurance: $700/yr Taxes + Insurance = $212.50/moOther ExpensesProperty Management (@10% only when rented): $130/mo-vacancy = $112/moVacancy Loss (@ 13.90%): $2,168/yr = $181/moThis is extremely high and could be unlikely, but according to a website I use for information on the area, it says this is the average for this area because of seasonality.

Your points on DIL are well made, and I've used a variety of methods to paper the file when trying to obtain DIL's, including extremely well written (pro-lender) Pre-negotiation letters.

Interest rates are extremely low right now so if you can be disciplined buy 1 more house and use the money to pay off the debts in order of interest rates from high to low.But if you know yourself and cannot be disciplined then just pay off the debt.

@Cameron Ellis I find postcards to be extremely effective in my property management business as well.

On the upside of things, though I couldn't lock in any successful deals from these 3, at least I got my 1st house appointment experience out of the way along with the 2 and 3.Of the 4 calls from homeowners directing me to Zillow to view the specs on their properties, they were all extremely quick on the phone, wouldn't answer any of my questions regarding their homes, and instantly came off as rude, especially when they hung up hardly allowing me a word in.

In order to be nicer I suggest:- show property extremely clean, yard grass cut well, bushes/trees trimmed ($400)- good paint job ($1000)- scratch and dent stainless steel appliances (they are a wow factor) ($600)- living area no carpet...

I've gone over the numbers a lot and though I don't get $100/door on this one mostly due to the extremely high property tax here in NY, it does positive cash flow even figuring in a 10% vacancy rate and Property Management of about 8%.

While the job pays well and is stable, it is extremely taxing in terms of time and stress.

A non-compete clause seems a bit extreme unless it is for a very short (6 months) period of time or simply covered contacts that were made as a result of his/her efforts.Quite honestly, I prefer to have a more defined relationship so that both parties understand their responsibilities, deliverables and the value each brings to the deal.