I ran my own proforma and used an 8% vacancy rate and a 35% operating expense margin, which are the %s that most banks my clients work with use to underwrite their DSCR loans.

@Agatha OliveiraSharing an operating agreement does not pierce your LLc and every contract you enter into the company should ask for a copy of the operating agreement to confirm the person signing has that authority

by Garret GundersonSome of these go beyond the core of Real Estate themselves and into personal wealth building, life, etc... but I have found much inspiration from these titles. 

I also own a short-term rental management company that partners with other real estate investors and second home owners to 2-5x their returns while also taking the headaches out of operating STR’s.

Also, many lenders are picky about the operating agreement and structure of the LLCs.

Toledo's Lucas County Metropolitan Housing Authority...LMHA which administers the Section 8 program seems to have had a difficult 2016 and 2017 doesn't seem much better.I've been renting to Section 8 for seven years now, I still have my original tenant in fact, and normally I find great satisfaction in renting to good tenants and working with the bureaucracy that comes with a government program...I had 10 properties rented section 8 at one point and have slowly prioritized standard rentals over the program and now am seeing blatant issues with their operations causing me to move away from considering their tenants.Delays in the program: We used to have 5 business day's delay for new-tenant vouchers to be reviewed and processed for inspection but have been going weeks before we hear anything.

I've found that members in my area operate like a support team more so than competitors.

The next question is whether the property has the zoning to legally operate as a 2 or 3 unit building. 

So, 400k - 500k sounds like lots of money but if you wanna operate in the 300k+ entry point it get can swallowed up quick.One strategy I'd try is to be a buyer at the auctions, win a bid on a good house, close on it in cash (you should be a great deal under market value) and then get into a delayed purchase bridge loan product which will cash you out a certain percentage of the purchase and supply the rehab funds. 

For that reason I built a full-functioning cash flow model taking into account hard money, the mortgage refinance and all relevant operating expenses to assess monthly cash flow.