It was a very sound investment, but like many first time purchasers, I was contemplating a check coming in every month rather than fully examining a long term picture of my goals.In the current economic situation I am not a big fan of excessive leverage.

Kris and CK are talking about private money, which is not available to retail buyers.While 3% sounds low, it is also true that there are people who have different appetites for risk, and there are people that don't even bother to ask the risk/yield question and are just excited to be "investing in real estate".

You will then file your tax return and claim a refund of the excess withholding once you take into account your expenses.SO if your Gross income was 12k.

He will pay tax on net profit to NC and then he will pay anything in excess of NC tax in NY.NV is irrelevant other than an extra filing fee.

If they default or cause damages in excess of the security deposit, who do you collect from?

I'm not sure of the expected loan value however lending appetites for smaller multi-families 5+ are much smaller than larger complexes.

the 3k annual insurance quote seems excessively high for a $74k property....  ?  

. -- (1) A landlord may not impose a security deposit in excess of the equivalent of two months' rent per dwelling unit, regardless of the number of tenants

So I think there's a natural thief of some of your "excess" future cash flow..Anyway, I'll get off my fixed-rate pulpit.!.

If there is some excess, you, as the former owner, will get the excess.