It sounds like the 2 BR floor plan makes this process even more difficult.

Quote from @Leo Gregoire: I'm assuming you werent taking 15% of gross off the top for cap ex, vacancy, and maintenance? 

I really don’t know how to move forward.I do not see how this works$3800 (rent) - ~$1600 (p&i) -$340 (taxes) - $250 (insurance) - ~$1200 (maintenace/cap ex) - $380 (PM)  - $180 (vacancy) - $400 (water) ~$50 (misc) = -$600/monthin a market that appreciation and rent growth has not historically kept up with inflation.  

Doesn't sound like it would be too difficult to get funded.

Yes, yr 1 cashflow was very tight but getting $2,700mnth rents, 0 cap-x 0 maintenance helps much. 

Finding a good account and bookkeeper wasn't difficult and using online registered agents was way more cost effective.

ThanksIt would be very difficult to accomplish this. 

A difficult concept to grasp if you don't work on loans every day.

Large deposits are nice, but very difficult to actually get access to escrow funds in the event of default.

So really to have a higher chance at success you should have both money to put in the deal to lower your leverage AND money on the sideline to cover those potential cap ex projects.