Depending on the outcome of the federal election, it could come as soon as the first quarter of 2017.  

It is important that you gain their trust and respect during this time.THE FOURTH MONTH - THE COMFORT PHASE:The fourth month through the first year is THE COMFORT PHASE: the tenant becomes accustomed to your rules and is starting to feel comfortable.

.- 5 year tenant-Utilities:  All tenants pay their own utilities (Gas, oil, heat...not water)-Water Bill: $650/Quarterly- Paid by owner (me)-Taxes: $1700/Quarterly -Home Insurance: $2150/year-Flood insurance (needed): $1400/year-New roof 2013-New hot water heaters-New electrical-Mortgage info:  -Purchase price: $780,000 ($260/sq ft)-20% down: $156,000-30 year fixed @ 3.708% (**Current level)-Total mortgage payment (including taxes, ins, etc)= $3,955/Month-Total income from rent= $4,800-Cash flow: $805/month (@ $1200 rental per unit).  

After that, we would like to acquire one property per quarter in 2017.

I agree with you that this could well be "a pretty good opportunity", IF the comps nearby HAVE been getting three quarters of a million dollars, when you're only being asked to pay $320,000 (with only an average of $1,000 per unit repair costs being needed).But, something tells me: all of that looks too good to be true.

Next was Olmsted Falls, then Avon Lake and we just finished up our fourth in Milan.  

I own a large park out of state and there are times, last quarter for instance, when there was no money left over to distribute. 

Also, make sure that the loan you pull off your home is FIXED, because there are some options that the loan can be adjustable.The value add option would be an example of adding to the existing home (more square feet, or a mother-in-law’s quarters).

We take the cash-flow out (after paying all the bills and factoring in 5% each for vacancy and maintenance) as quarterly "capital distributions" to "pay ourselves back" which, in our case, means we just reinvest that into the next property since we're trying to grow our portfolio as quickly as possible.Hope that give you some ideas to get started!

Start asap, as soon as you are halfway to three quarters, start  advertising