Your still going to need to be in around 20% cash realistically to avoid a ton of legwork finding the rare lenders/owners who won't be looking for this minimal standard.Assuming that real estate rich is referring to more than just a heavily appreciated primary residence you may consider selling a property or two to free up some cash. 

Looks very rich. I

Rich, I appreciate that perspective too and as it turns out, we're passing it up because of the potential problems we could run into.

Very good responses Bill and Rich. I

I agree with Rich ... I

Good post Rich. I

Rich Baer hey rich I definitely understand the neighborhood situation...But here's a little info: tenant is currently in property with a year lease, about 6months left on the lease but it's currently renting under market price, needs some work to it plan on doing that once the tenant is out, my partner went to the house already I plan on going this weekend; street name W Fayetteville Any help you can provide would greatly appreciate it

Honestly Rich, I would love to live in Springfield as I am not a Lansdowne kind of girl.  

Hey @Lionel Li and @Jim Murray,Thanks for sharing your data points, it's really helpful to see what others are doing and compare notes.From my previous life, I calculated time charters for ships and the calculations we were making are basically the exact same (in principle, not specifics) that we are making for our rental properties.  

@Lionel Li thank you for the tip, I didn't even consider refinancing.