We paid them $2,500.00 in fees (underwriting, inspections, title search and their fees) before closing.

We currently stay in Miami and prices here are very expensive i do want to stay in my backyard but prices are extreme  so i would love to explore some out of state markets ! 

List price: 445,000.DP: 89,000Closing: 8900Total Invest: 97,900Projected mortgage: 2500Rent: 1700 per unit, 3400 totalTaxes: 42Insur: 263CapEx: 100Repairs: 100Vacancy: 100Total expense: 3105Cash flow: 295, 3.1% - 6.0% CoC return. 

Let's say you paid $250k for it, and it's now market value $500k.

On these very forums you hear countless stories of "I lost 5K and can't pay for me medical expenses".

Ran into many problems with contractors along the way, paid for some material twice as well as some projects to be redone.

Let's assume your expenses (mortgage, taxes, insurance, maintenance, vacancy, etc.) comes to a clean $600 and the property rents for $1,000.

In addition to your down payment, plan for closing costs (around 2-5% of the purchase price) and set aside at least 3-6 months of expenses for repairs, maintenance, and vacancies.

In Florida where I live that amount is the first $50,000 for a married couple are exempt.So to put all that into action, let's say the previous owner paid $100,000 for the property 20 years ago and lived in the property.  

Know the rules, know the tenants, know how to get paid and know the repercussions.