I understand doing things initially to save money for the next property but in the long run one person will not be able to maintain and complete capital expenditures on 30+ units.  

@John Michael Rico When you say you will still cash-flow from renting 3 of the units, did you you take into consideration setting aside money for repairs, maintenance, and capitol expenditures?

The real issue with investing in "low cost" housing markets - whether turnkey or not - is whether your cash flow over time is going to exceed your regular carrying costs and capital expenditures. 

There is no standard deduction.I said that you could deduct UP TO $5000 of Start Up Expenses in the first year you are considered to be "in business"The proper way to pay for these expenses is to pay them with personal funds and either write yourself a reimbursement check later on when your LLC is established or count the personal expenditures as contributed capital to the LLC

You're correct that NOI should not include Interest on the mortgage (it also should not include mortgate principal payment, depreciation, and capital expenditures i.e.

I ran the BP Rental Calculator with the assumptions:Vacancy: 10%Repairs & Maintenance: 10%Capital Expenditures: 10%Property Management Fee: 10%Annual Income / PV / Expenses Growth: 0%Sales Expenses: 0% Having never bought a unit, I could definitely use any insights into the assumptions for this area.  

Will it cover all of your expenses be including capital expenditure.  

Capital improvement expenditures (CapEx) are not included in the NOI calculation (i.e. they fall below-the-line).  

Make sure you have a good basic understanding of math and can do simple equations related to real estate (rate of return, expenditure factors, etc). 3.

Also you need to factor in maintenance, repairs, capital expenditures and vacancyStill looks like it possibly could be a good deal depending upon the expensesOne thing to check is the taxes - $3200 for $45,000 property seems extremely high.