Everything has been going well for the most part, but we are getting tired of living in such close quarters with out tenets quicker than we anticipated.   

Depending on the outcome of the federal election, it could come as soon as the first quarter of 2017.  

.- 5 year tenant-Utilities:  All tenants pay their own utilities (Gas, oil, heat...not water)-Water Bill: $650/Quarterly- Paid by owner (me)-Taxes: $1700/Quarterly -Home Insurance: $2150/year-Flood insurance (needed): $1400/year-New roof 2013-New hot water heaters-New electrical-Mortgage info:  -Purchase price: $780,000 ($260/sq ft)-20% down: $156,000-30 year fixed @ 3.708% (**Current level)-Total mortgage payment (including taxes, ins, etc)= $3,955/Month-Total income from rent= $4,800-Cash flow: $805/month (@ $1200 rental per unit).  

After that, we would like to acquire one property per quarter in 2017.

I agree with you that this could well be "a pretty good opportunity", IF the comps nearby HAVE been getting three quarters of a million dollars, when you're only being asked to pay $320,000 (with only an average of $1,000 per unit repair costs being needed).But, something tells me: all of that looks too good to be true.

I own a large park out of state and there are times, last quarter for instance, when there was no money left over to distribute. 

Also, make sure that the loan you pull off your home is FIXED, because there are some options that the loan can be adjustable.The value add option would be an example of adding to the existing home (more square feet, or a mother-in-law’s quarters).

We take the cash-flow out (after paying all the bills and factoring in 5% each for vacancy and maintenance) as quarterly "capital distributions" to "pay ourselves back" which, in our case, means we just reinvest that into the next property since we're trying to grow our portfolio as quickly as possible.Hope that give you some ideas to get started!

Start asap, as soon as you are halfway to three quarters, start  advertising 

@Joe Splitrock  city of Portland has passed some tough laws.any apartment now over 20 units that is build must have 20% for low income.so all that did is have developers apply and receive 7000  that's SEVEN THOUSAND doors IE permits for developments for 7000 apartment doors that don't include this rule  it was all done Q 4 2016.new law went into effect Q 1 2017  take a guess how many doors are being applied for in the entire quarter.... 175 that's it.. in our region we build about 10 k housing units a year  about 60% SFR rest multi... building new buildings in the city of Portland will come to a trickle and there will be NO subsidized apartment units like the politico's hoped for.PDX also just had another measure that was being voted on this week.I have no dog in the hunt as I am strictly a value add guy and builder.