Send me a PM and let's get rolling! 

Learning from my mistakes it has taken me a little longer to get the ball rolling than I wanted.

We also think that the rent rolls might have been fabricated, since they ended at a future date, but 3 of the units were vacant, and the rents were much higher than I'd expect to get.

The construction method was to roll tar paper & pitch. 

Fortunately, I had reserves and we are able to roll some of these onto credit accounts. 

We are almost ready to move onto our next investment either by selling thi house and doing the live in flip again, or by finding enough money (hard) to buy a rental and get that ball rolling.

To determine the cap rate 1) Calculate the yearly gross income which in your case is $68,520.00 check the books make sure rent roll shows the rents are as stated.2) Subtract the operating Expenses not to include mortgage and interest =$28,936.803) Net Income = $68,520-28,936.80 = $39,583.204) Cap rate = Net Income divided by purchase price $39,583.20/400,000= 9.8958%Investors usually will use cap rates to compare properties in a neighborhood.

Three more deals like that and the rent-roll alone will cover repeating deals like this again and again and again.

Account Closed rolling over your $75,000 in your 401(k) plan into a Self-Directed IRA would allow you to avoid the "dummy tax" and let you use the funds to purchase real estate.

Yes Jane, you can roll over your retirement funds into Self-Directed IRA or Solo 401k and use it for real estate investing.