I sometimes use Loopnet.com for quick examples of multifamily properties in different cities and the cap rate they produce, including the calculation itself.  

This is just a general spreadsheet for calculating capex, regular expenses, vacancy, etc.

Calculating the Deduction: Choose between the simplified method (a flat rate per square foot) or the regular method (actual expenses).How do you manage your home office deductions?

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

You can also ask the tenant to sign an estoppel, which essentially has them verify the rent they are paying.As for expenses, the main areas where they can go awry include property taxes, which you can determine on your own; the mortgage, which you can also calculate; insurance, for which you’ll have a quote beforehand; and utilities, for which you can obtain the bills from the landlord.

My wife and I file separate because if we filed jointly we would have to pay 10% of our combined taxable income.

Calculated risk worked for us. 

New member looking for tax advice on first RE deal.Looking to offset taxable income of my current business income while investing in a rental property.

Upon move out and receiving a portion of the security deposit, we were charged an over $400 cleaning fee in addition to some normal wear and tear items because they exceeded the apartments self calculated normal wear and tear allowance.

Just calculate the ROI on your money for the added interest.