@Tye Foster start by defining your goals and objectives and then identify markets that best match those goals.

I put cap ex at 1000 per door a year ball parking it so 160 a month I am not including the studio in these evaluations because I will live theremaitnance as 85 a monthvacancy of 160 a monthSo over all looks like this so far.40k downprice 158500rents 1700 monthtax and insurance 560monthcap ex 170 monthmaitnance 85 monthvacancy 160 monthall together 975 a monthsubtract that from both units rentAnd there is 725 left over enough to cover the principle and interest and leave like 100 bucks left over for my utility's and such.current owner says the coin laundry downstairs covers the water and tenants take care of there electric and suchNow just 100 left over isn't much only 1200 a year not a very good return on 40k but when I move out and instal a fire escape in the studio as I live there I can rent that for another 550. after I adjusted the numbers for the studio this deal looks really good because I am able to keep pretty much everything the studio would produce.I'd get like 6k a year and get a 25 percent cash on cash which sounds as delicious as it can get.It is in a working c class class area. on the worse side of it. that's were most of the duplexes in the area are to be honest.

All you're doing is reducing your cash flow (instant profit) and transferring your wealth from a liquid form (cash) to a solid object (reduced balance). 

Or can I apply the same principle to the ongoing PMI that I pay each month to determine if refinancing under a higher interest rate would still be more lucrative than my current mortgage with PMI attached?  

In that case, you can enforce lease terms objectively without getting into he said, you said blame game.I have a more detailed presentation of the technology.PM me if you are interested in looking at it.Krishna.

More over, a good syndication will provide each and every private investor, key-principle and co-sponsors all the necessary information on all vital team members who are part of making the deal work.

@Elijah FastYour lender and possible your insurer will require a Phase 1 assessment .... this is predominately a visual inspection and paper exercise (costing anywhere from $750 - $2500) with the objective of discovering any potential contamination of the property (or demonstrating that there is none).An abandoned underground storage tank (UST) is something which should be disclosed by the vendor (it appears that it has been in this instance), but it is an example of the sorts of things a Phase 1 ESA looks to discover.Depending on the results of the Phase 1, you may very well be requested to continue with a Phase II ESA.Having a Phase 1 lets you know what you are walking into ... which is why lenders want them.  

To clarify...not that the area he invested in is garbage, but the investments he's proud of have objectively under performed, and when you're that far away sweat equity is off the table. 

Avoid the "shiny object syndrome" by narrowing down your niche as soon as possible.

For example. if the payments are principle and interest and you take over, a partner who has money can help in tough times.