The diagram below illustrates what can happen over time, depending on the direction of the market.The red line represents a declining market (where rents and prices are declining, constant or increasing below the rate of inflation) and the green line represents an appreciating market (rents and prices are increasing above the rate of inflation).

@Yonah Weiss, Thank you for bringing to my attention, the fact that I didn't clearly illustrate my role, and what I would be willing to offer a potential partner. - What I bring to the table: Besides finding the deal, I bring sweat equity to the project.

This past month of January (which is usually quiet) perfectly illustrated it. 

@Jon Holdman is correct and here is an example to illustrate.  

Everything is accounted for and you can see it on the illustration.2.

@Brian Adams - This is an excellent eye opener about multifamily acquisitions that debunks a lot of theories about wealth creation.The detailed illustration definitely strengthens our resolve to be successful.

This layout helps illustrate to the newbies exactly what is necessary and when to do it (order).It is a typical outline of an experienced investor's process.

Everyone made very valid points and I think it clearly illustrated the fact that there are different styles for different people and that neither Brandon nor Ben are wrong in their approaches as long as it suits their ability and resources.

RI is in the 7% to 13% range.This map illustrates the top states for property appreciation rates year over year.

The real point though is this is an illustration of the need to read contracts thoroughly for your state to see what is important to you is listed the way you think.