I’ve come across he formula for dealing with Gross Rent Multiplier, which is the selling price of the property/gross rent per year. 

Total expenses per month according to the owner are about $215, gross rents are currently $1275.

Potential Gross Profit How did you find this deal and how did you negotiate it?

We had average gross income of around 3500/mo for a one bedroom condo, and were cash-flowing around $2000/month!

We had average gross income of around 3500/mo for a one bedroom condo, and were cash-flowing around $2000/month!

It seams like an area that is starting to improve and is pretty close to the Grosse Pointe areas which are pretty nice and pricey here.The asking price on the property is $46,900. 

VRBO is not at all friendly to outside integrations unless you have at least 5 properties (other than a handful which they charge for, which results in those integration sites charging high fees to the hosts)@Nancy Bachety If you gross more than 10,000/yr from VRBO you're better off with the annual fee instead of PPB.

Purchase price: $35,000 Cash invested: $75,000 2 family acquired for 35k, renovated for 75k and cash-out refinanced @ 70% LTV for 235k, with gross monthly income of 2.8k

If there aren't comps there I personally would value the property relative to its potential rental income using either the gross rent multiplier or cap rate method. 

California charges a minimum tax of $800 a year per LLC, and more if you have gross receipts in excess of $250k.