But if I count in at a minimum the vacancy and maintenance/repair budget, like Nick mention, at a rate of 10% of income per year for each category per year, I would have a hard time cash flowing.

The basement must be at least 50% below grade when you are done so it doesn't count as adding more FAR to the building. 

That doesn't count (and I had to sign something that I would never reveal how much money I walked away with).2) I use to be the king of the short sales in 2009 until they passed some laws that basically made going after pre-foreclosures very risky.

I have all the expenses and income listed out - but it seems the bank wants "proof" and I am not sure what counts as proof.  

I'm earning about 18% CoC on my newest unit. that's without any financing and not counting ~30k in created equity.

You can probably tell I'm counting down the days/dollars until it's paid off!

When starting out, I gave you examples of what you can do to make a little money, but, you can never count on Long Term Appreciation of Real Properties because of the Economic Cycles.

As per Fannie guidelines, the debt does count....I believe it's when you own more than 25% of an LLC and have a personal guarantee.

@Dawn BrenengenMy good friend @Jay Hinrichs, was speaking in Hyperbole ( a small village in up state)For the record Ohio has a population of 11,613,423, counting Lebron, and 5,156,307 housing units counting Lebron's.And Michigan has 9,922,576 population and 4,532,333 housing units.In both states the number of people versus houses is about 2:1Source: US Census Bureau

Sweat equity counts for something, right?!