I'd jump no more than $50-75 the first time (I'm in agreement with @Shaun Reilly ), and explain to them that the average 1BR is $800. 

More specifically, I:1) Got the deal more directly than my partner for ~$5-15K less2) Negotiated and performed all inspections ahead of other prospective buyers3) Talked another investor out of the deal at the closing table to get the contract for no more than we originally planned (after over an hour.. one of the stranger circumstances I've experienced in a while, but got a smile, business card, and potential future partner in the process!

Also, a lot of them are lazy couch potatoes, so unless they are young, wild and untrained, they do no more damage than other dogs.

I think it silly.What I do believe is that you should begin to learn what a good deal is in your market based on your comfort level and what you find acceptable for a return.Typically, I look at a good investment as one that I can be all in (my purchase price plus my rehab costs) at 70% LTV or better.So if that house is going to appraise out at 150k when i'm done rehabbing it, I want to pay no more than 105k for the purchase and the rehab of the property.

A buy and hold investor typically wants AT LEAST 1% of purchase price for rent, for flips the buy price has to be no more than 70% of ARV.

It was never a "rule" it was simply a calculation that fitted good deals at that moment.It is no more valid than saying you should never pay more than 2 grand for a brand new car.

If they are used, it should be for no more than a year while your property is 'seasoned' and you are establishing a rent history.

HML will only loan as a first mtg, and generally no more than 65-70% LTV, AND you having a minimum of 20% cash. 

Pleasant, but no more kid gloves.

33K in student loans, about 11k on plastic (wedding/honeymoon/school), plus houseMy experience in real estate is limited to spending time with my grandfather growing up.He had several rental houses and would always be working on them.As I grew up and paid more attention to the business side of his work I realized that he was working just to stay busy and not working to create more income.His end goal was always to create more income but he was always distracted by the job of remodeling and updating.He has been my mentor and main father figure for years but now it is time I “upgrade” to someone capable of guiding me in the direction I want to go.I will always love my grandfather but his business sense is not one I need to follow.My goals in real estate are to create a “four hour work week” (gotta love the Tim Ferriss way of life) by a combination of buy and hold and flips.I hope to use this method to create a stable business and then move into apartment complexes.After lurking on this site I have learned about the different rules needed to ensure profit out of each.In my farm area there are many MLS deals that fall into these numbers.Now it is just about raising funds.I would love to find some Sub2 deals.Famous FourFavorite real estate book Never read one.Bigger Pockets Favorite business book Poke the Box by Seth Godin, 4 Hour Work Week by Tim Ferriss, and No More Mondays by Dan Miller Hobbies include working on cars and spending time with friends and family.These are very important to me and I do not get enough time with my desk job with either.What is thing that sets apart successful investors from those that fail Getting back up on the horse after failing and not letting friends and family tell you that being an investor is a stupid idea.