Have fun - don't take yourself too seriouslylearn the pleasures of COLD CALLING sellersread financial newspapers - look for auctions - law suits -failure to pay taxes notices and business opportunitiesSearch tax sales - attend tax auctions - read probate adssit in court - listen to cases - find motivated sellerscreate a Fiduciary Buyers Broker agreement with smart agents - pay them for non-listed real estate.don't waste your time with non-responsive agents - brokers - lenders or sellersbe demanding - get answers - don't be passive - at our age (I am 75) we don't have time to waste!

The requirements to obtain a Missouri real estatebroker license are: Must be 18 years of age or older.

In this day and age, a simple text message/e-mail stating that she has moved out and whatever property is left over is considered abandoned is too easy not to get.

If you buy used be sure to check the age by model & serial #.

I understand that the 50% is very general and of course it will vary by the submarket and the type of property, condition, age, etc.

This is imp distinction if you have both passive loss and income. 

First off, I commend you for jumping in at a young age and focusing on multi-family. 

Expenses:  Because of the age of these homes, they sometimes need roofs, kitchen remodels, etc.  

It's totally up to you but I think very few investors would suggest less than 7% on anything with 20 units or less.As for repairs, the 10% you have total is for reserves (I think these are actually pretty good numbers depending on the age of the place).

@Mario Reguera one of the best ways at your age is to find a cosigner.