Maybe you should save for a down payment before jumping in or look for a more affordable property or property in another area that is more affordable.One more thing: Know the strategy you want to use because that will affect your financing perspective.

There's no reason you can't get a more accurate estimate to go off of.

Both uses are correct, and I would argue that the best way to tell the difference would be that the investment style (noun) should perhaps be capitalized - but that would required everyone on BP to adhere to the same grammatical rules, and that's just not how forums work ;)What you're talking about would be a more DIY approach, wherein you buy a (lower-case) turnkey property and then find your own PM, not an (upper-case) Turnkey investment where one company does everything from scouting to rehab to management, all under one roof.Hope that helps!

With a more realistic 4K closing costs, assuming you're using hard money at 3pts, that leaves 9-4= 5K for carrying costs carrying costs and the refi.

Although there are a lot of people who know a more about the town already updated. here is my thinking.1) What areas around Cleveland do you recommend and why?

If you take the $1,66MM debt at apply a more typical commercial mortgage scenario (5% fixed for 5-7 years on with either 20 or 25 year amortization) yo get monthly debt payments of either $9,704 or $10,995.  

I looked through some older threads on this topic, but most are 2-3 years old and would like to hear from someone who has had a more recent experience.

On top of all of that, you would be able to take your $100K cash and purchase a solid 4 plex in a B/B- class neighborhood that will cash flow, and provide you with mortgage pay down, or you could purchase a higher returning residential multi in a more marginal neighborhood and try to achieve a higher return with something that is possibly value add, so now you have options for your investment.  

Now you are on a roll and if someone took your auto because you did not fix something the tenant requested you would be upset.Okay, clearly you can't see the legal contradiction in your own post, if you think it's OK to tow a car for a flat tire, but not ok if they failed to pay for their monthly parking fee.I'll wait for a more legal opinion.

Remember, though, that 3 units will be valued based on comps, not the net operating income, so you won't necessarily have a more valuable property just because you spend money on it.