I have customers that regardless of advice still want to buy in high end neighborhoods and buy luxury homes and hope for appreciation over cash flow.

List all your known expenses (taxes, insurance, utilities, etc.)3.

If there are hiccups along the way, such as a long vacancy, my staff is trained to call or email the landlord with updates (weekly is the default, but some landlords don't want that).A five-month vacancy cost you $7,000 in lost income, plus utilities, landscaping, and other expenses.

Look at everything, from utilities, to landscaping, to property taxes etc to see where you can save.

Similarly, if vacant, inspect the property to ensure utilities are off and the doors are locked.

I require a $1,000 security deposit, no exceptions and I let them know they will be paying all utilities, mowing the lawn, keeping up the landscaping and cleaning the gutter. 

There are banks out there that offer lines of credit for GP stakes, which many established syndicators utilize and draw on to potentially fund their follow-on offerings.  

This would come from any past employer 401k plans you might have that you can rollover to your self-directed Solo401k and utilize for investments. 

Our BR house is way more luxurious and has more activities, but our Morganton house has an amazing view and it books more.  

Our past clients have utilized this strategy for their first 2-3 small-multifamilies, and just over 3-4 years have 10-12 rentals doors.