The best way to understand an appraisal is look at one and ask questions.You'll also see there are three approaches, the market described above, the income approach, based on income potential of the subject and the replacement approach, what it would cost to build the subject and then depreciate the improvements based on age and condition.It's an art as much of a science, don't expect to nail a value on a subject, your goal is to get close. :)

I'd not say an investor has less recourse than a HML, a partnership agreement can nail the feet down of an investor far beyond the rights of any lender, the subject of another recent post.

If Josh doesn't nail them, I will and I may in addition to Josh.

Jonathan, you really hit the nail on the head when you stated that this is a balancing act and that we want to take action to learn but that for now the action should be studying and networking as much as possible.

I believe once you have two or more units there is a cap on how much you can rent units for.If you aren't familiar DC is very tenant friendly the eviction process is long and taxing with very strict timing and rules.

I have helped him over the years with the hammer and nail stuff and occasionally with collecting rent and dealing with problem tenants.  

Quick introduction of myself.Start with my profile - my real estate experience is outlined there, a thumb-nail sketch, really.A little more about me...I'm still working a W2 position as a system programmer for legacy mid-frame systems.

You can get nailed for a wrongful foreclsoure. 2.

If somebody thinks a PM is willing to deal with that garbage for them for $40 per unit they are going to get hit with a tough reality check.Most PM's have a cap on how low they will go for % rent wise.

Graham Mink hit the nail on the head as to what I was thinking: "Math and spreadsheets aren't everyone's strong suits, and there is room in RE investing for people that would rather not have a masters in finance. "  There are many of us that come from different walks of life and have virtually no background in finance, spreadsheets, analysis etc.