An entity will need to be done pretty soon if you have anything to lose.Always remember to do the math analysis and try to look at the prospective property or at least have a clause in the sales contract that allows you some time (usually about 15 days) to make a detailed inspection and possibly back out of the deal without a penalty that will hurt you too much.  

Saving half of that for expenses it would net me $1510 a year if my math is right.Does this make sense?  

I'm a math guy, I do the numbers and can forecast value, so a scam is pretty obvious to me.

Some of those that you consider as competition might be nice to you.Always do the math analysis and try to look at the prospective property before you make an offer or at least have a clause in the sales contract that allows you some time (probably about 15 days) to make a detailed inspection and possibly back out of the deal without a penalty that will hurt you too much.  

I have heard that you must do a math alnalysis and try to look at a prospective and possibly back out of the deal without a penalty that will not hurt you that much.  

I would make sure the numbers work without assuming you will get you increased projected rent increase...it will give you more negotiation leverage when talking to the seller in regards to why you cant pay more because the math wont let you for cash flow....then if it works out take ur crack at a gradual rent increase knowing that u have cash flow going into the deal

Always do the math anaysis to make sure you are safe with working on that and try to look at your prospective properties before you make an offer.  

Do your math and be prepared for what you are willing to pay to get the property.

Unless this is a large non-recourse deal then the owner(s) will be kissing the note anyway and the math will ultimately look the same.

I work with properties that easily bring in $800/month if you are paying cash (at way lower prices than SoCal) and then if you are using leveraging, it wouldn't take many properties to hit that level. if you want to PM me, happy to do some math with you!