In that respect there are formulas to be mindful of and you should think like the lender when you are analyzing your purchases.At the same time there’s no hard and fast rules or formulas an investor should rely on when underwriting their rental properties.

That comes when you've started looking at properties you could actually buy and you start over analyzing because you're afraid to pull the trigger.I experienced this in a different fashion when we bought a property and we were gutting our first kitchen and I didn't want to pull the trigger because I was a little afraid of just ripping everything out and what would actually happen.

Thanks everyone for the great advice, analyzing many properities now to make sure they meet my criteria and also make sure the numbers work.  

@James CrothersTo own 10 rental properties in Cleveland within three years, set financial goals, consider financing options, find deals, build a network, analyze deals wisely, and consider partnerships.

I am actually going to analyze the idea of mid term rental and long term both strategies, in same area and surrondings. 

However, once I decided to rent it out, I focused on analyzing the rental market in the area, ensuring the property was priced competitively to attract reliable tenants while generating steady cash flow.

BP has various tools to help you analyze your deals (rentals, flips, wholesale, etc). : https://www.biggerpockets.com/investment-calculators7.

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*This link comes directly from our calculators, based on information input by the member who posted.

BiggerPockets also has a calculator to analyze deals, and I highly recommend you start this as soon as possible, even if you are not ready to buy.

BP has various tools to help you analyze your deals (rentals, flips, wholesale, etc). : https://www.biggerpockets.com/investment-calculators7.