Generally landlords require positive references from last two landlords or all landlords for previous 5 years.

Most of the folks I see buying these units are owner occupants, or all-cash investors that don't care so much about cash flow.

Could also use a Buyer's Premium to cover part or all of the commission leaving you with more proceeds from the sale.  2.  

Within 6 months it sounds like you could have 4 homes (your original 2, the new one purchased using the refi money and then another purchased with savings).Eventually you could sell several or all and use the funds to purchase a mid sized multi family with the help of a 1031 exchange (avoid taxes on your cap gains).

Is your calculation based solely on the $200k or all the other expenses as well like loan cost, fees, points, closing costs, etc? 

Hello,i am starting to build a rental business. i am located between detroit and flint michigan .i need a tax advisor to help me choose how to structure LLCs, S Corp, C Corp ,land trusts or all of the above. thanks

You don't have to use a written contract, because acceptance of rent constitutes a legally binding, oral agreement between you and the tenant.

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One rule doesn't apply to all investments or all cities when buying an investment property.Start by figuring out how much you have to spend, then decide what type of investment property you want: do you want to buy a house for you to live in and rent out rooms, buy a single family home, multifamily (duplex, house with a suite, etc), and what type-more of a starter home, turn key, something that needs a bit of work.Once you have an idea of what your mortgage payments (assuming you are getting a loan) would be, that will give you a better idea of what you are looking at.  1% is a rough number (I've never used it) because it depends on your costs (mortgage, taxes, etc) and the actual rent, you need to look at the actual numbers of the deal.

Or all of the above and likely bad tenants.