This will be my fourth deal and the other three are churning money nicely.

We churned through multiple mediocre (at best) ads managers until we found one who is fantastic.

So I guess my "moral of the story" is that you really have to factor in the area, if appreciation is reasonable to plan for, what the next decade looks like, the potential for more frequent tenant churn with a quad than a duplex, etc. 

I definitely understand that they want to protect themselves and like you mentioned churn isn't good for their business.

I started churning out letters before my school year ended last spring and by the end of June, I had replaced my last two years' salary (granted, private school salary, which is not much!).

In terms of immediate priorities, I'm looking to find a lender to get pre-approved, take a drive around the area with an expert to learn the ins & outs, churn through deal analysis in the neighborhoods most applicable to me, and assemble a team so I can move quickly when the right deal presents itself.Thanks for reading through this lengthy post; the first time putting yourself out there is always the toughest :) Hopefully any other lurkers reading this post are encouraged to introduce themselves to the forums as well.

We know because we have been churning them out in Clarke and Oconee counties...  

@Joe BertolinoTo me anytime you have tenant churn in a rent controlled unit, it’s a huge upside in future revenue stream.

Point is, churning through numbers trying to figure out the average income of tenants or owners is silly. 

However, if this is an incentive to provide bad service to you as an investor and just churn tenants for income, I would think they would have trouble staying in business.