keep in mind when you read BP you have value of portfolio and you have EQUITY big difference.. give me Steve's 1 mil of TRUE equity over 1 mil portfolio or whatever size that has max leverage huge difference on NET cash flow and ability to ride the market if you have a downswing ike we are seeing now those with 80% leverage like so many like to do could find themselves at least for now with ZERO equity and all debt so plan B that is not painful . 

The fun part is you will need a local bank account for the ability to rent, ummmm and you need a residential address to get a bank account.

Finally, as a last consideration be sure to check your state's sexual offender database to make sure there are no sex offenders living in close proximity as this would kill your ability to resell at a good price.

@Mike DymskiYou are absolutely right, Mike, in regards that the quote about IRR Investors was meant as a effect so that there is an understanding that the two are different and implies different Markets and Investment needs.The following is for the readers (not Mike Deymski only).I will say that there is another reason why those that do have the ability to Invest using IRR valuations  (in other words, they don't REALLY need the cashflow but would like to have it) DO NOT simply because they have not spent the time (and I would say it may take months to years) to truly understand the Calculation and how it works.It's the most comprehensive calculation you can have and requires you to do a pro-forma 10 year projection.The problem I find with a lot of BPer's is that they easily dismiss IRR because it's either too complicated and sophisticated that the newbie will need to spend time to learn it before jumping into Real Estate Investing.My personal opinion is that if you truly love Real Estate Investing and are truly motivated, you will eat, sleep and dream about Real Estate.

@Kevin Kite@Joe Koppel Hey guys, thanks for your remarks here.

All that matters is the relationships you have with the loan traders and their perceived ability that you'll close on time.

This limitation can affect your ability to claim itemized deductions for property taxes on a vacation home.New limits on home-mortgage interest deductions: The TCJA also places new limits on the amount of home mortgage debt for which you can claim itemized qualified residence interest expense deductions.

There’s the ability to have nothing, and, create something.

This allows you the ability to see what works and what doesn't.I own a property management firm based just outside of Nashville, TN.

If the tenant does not have the ability to pay, he needs to move out and seek government help if needed or move to another affordable rental.