I already have two properties like this under my belt (a duplex in a booming area and a 4 family in an up and coming area).Who is out there doing deals on 1 property that cash flows $850/month, and what kind of deals are they?  

And it is not the material, labor, mark up cost but rather how much will it cost for flooring, painting, etc. to get put into place.For those buying materials for their contractors, I bet they have years of experience under their belts before doing business this way.Example: how much ceramic tile do you buy for a 10'x11.5' room?  

@Chris Clothier  my points are directed at ANY mid west deep south rust belt major city and sub 50k rentals  it goes to the very long debates we have on BP about the risks involved with these homes... in some markets just a touch higher will pop you into something safer but in general.. as you state its not reality that ANY rental in almost any part of the country will perform to the degree that one can count on consistent reliable non interrupted income stream... that's my point.. so when you have folks think they can buy 10 like the OP said and get 4k a month like its a bank CD they need to understand you you and others point out it just does not work that way.

After reading your profile your close to getting a couple deals under your belt, how is that going?

I found this to be a good thing, a seller was happy to hear you were familiar with state laws and all the legal paperwork, and many connections in the title and lending communities to help things go as smooth as possible, and I had a state agency to answer to in many cases unlike all those  no good unlicensed investors, And before some investor has a cow, lighten up, I was an investor for ten years before I added a real estate license to my tool belt. 60 years investing and 50 years licensed.

I'm a brand new investor with no experience under my belt, though I've been studying real estate investing (hardcore) for the last year.Situation: I am looking at a property in Springfield, Missouri that is owned by a friend of a friend.  

I have already got 1 Bham property under my belt in the center point area.  

With that will come a lot of real estate investing, and here in the Rust Belt the opportunities for older buildings are still rich and varied.I'm working with a Oil & Gas land man who is also taking a new direction in his life.

Also, my husband works a commission job so he needed two years under his belt before we could get a loan in his name.

I would complete this if you have renters or partners involved.If you are buying and selling land, I would get a few deals under your belt and then file.