Couple of things to look for are value add opportunity, is there room to increase rents, decrease expenses and so forth. 

It is a good way to decrease the amount you pay to your mortgage and lets you get into the rental market. 

Then calculate any paybacks that you may be able to apply to decrease your waiting time.

We are planning on doing the same thing with the refinance because once this thing is filled and we can show stabilized and increased NOI it should appraise for about $335K.If you don't have a killer income the two best things you can do to gain more units quickly are to increase income/decrease expenses, and second begin to build a reputation with investors and future partners.  

This doesn't actually decrease your legal exposure, but it makes a plaintiff less likely to want to sue you because they'd more likely to get a complete recovery from the tenant, so the landlord's pockets would be relatively less deep than the tenant's.

This will then allow me to management my accounting as well as application payments and even rent collection all from one source, decrease the duplicate effort of having to manually enter these transactions into an accounting tool.What is everyone else doing?

If you hold more than 5 years your original cap gains decreases 10%3) If you hold 10 years or more.

The latter sounds more attractive as it seems that it would decrease my costs and be a lot more practical from a logistical standpoint.Thanks again!

At the mid-point (i.e. 3 years in) they only do an adjustment, but it is not based on a full evaluation/reassessment of each individual property -- a flat percentage is simply applied to a specific area to either increase all the values or decrease all the values based on recent trends.

My parents, my girlfriend and I moving in will automatically decrease what we were originally renting for by splitting the $1.4k in half.