I'm curious to know how old the HVAC and other big ticket items are.

Throw in a round trip plane ticket, hotel, rental car, food, etc. and it doesn't take long before a short trip can cost you $2K if you're going back east.  

I am a 23 year old law student at NC with a degree in finance and accounting from my undergrad.I started law school and realized I was being a lemming and this was not my ticket to be anything more than average in my life.

One thing you did not mention was the condition on the homes when you bought them ( how old they were , how old was the roof, HVAC , other big ticket itemsken

Your best bet would be to connect with landlords in regions you're interested in and put together a takeoff of big ticket items.

Eventually you do have to replace big ticket items like roofs and appliances.

It may even be worth the plane ticket or the price of gas to check out some new markets.

With PM expenses come out to be 47%.Financials:Expenses in a year- $9339 this includes %12 for PM and 18% Maintenance and CAPEX.Gross Operating Income less %5 vacancy (average around here) is-$19479Realtor told me that the seller would entertain offers from 105,000 He said "anything can happen".This deal seems to be solid, I just wanted your options on the deal and the age of the big ticket items.I believe I will keep this under my own name and get a very large insurance and umbrella policy.The other question I have is, about lending.

From what Rodney says there is purely speculative at this juncture.You can do a "watch and wait" approach to see when something actually sticks and tries to gain traction or you can go ahead and buy today and hold for a long time.In that situation it's like a lotto ticket waiting to cash it in on a big payday.

That has been an E-Ticket ride so far.