J has been doing very well with this niche so you should consider reaching out to him.Let me ask you this question as I'm going through some growing pain with this.

thanks, will look into it...and QB, yes I did the work around myself, with excel and combining the info from the P&L, Trial balance and original investments, but that is a real pain... 

Yes, I understand that property management is difficult and tenants can be pain but failure seems (a total loss of time and money) seems impossible to me.As an Owner occupant If I don’t have tenants then I could drop rent and although rent wouldn’t cover the mortgage it could at the minimum subsidize my living.

Also, is it difficult/painful to switch insurance once you insure for close? 

My spreadsheet for the property included an initial capital infusion at the outset to create a cushion to absorb unit turn overs, cap ex, etc until flow could catch up.  

It's probably also a lot less painful to replace a PM than 4 tenants all at once.

I guess I am just a long term debt adverse guy myself.. been there done that when banks called my LOC's it was butt ugly and very painful.. retirement what retirement back to work Jay... and get on BP and network instead of golfing everyday and flying and fishing..

So that one CAN grow to absurdly high net worth without that much pain at all.

It is in an A+ neighborhood and most houses around here are worth over 1mm so it pains me to have to sell at such a discount. 

I've found no fewer than 9 multi family dwellings that are ripe for the plucking but I'm so broke I can't afford a free phone call. by my estimates, these properties combined would net me $8,600 a month in revenue depending on mortgage payments. it is painfully frustrating to see these numbers and not have the knowledge to obtain the capitol to put them in my portfolio.