My rationale - since I purchased this property at a much lower price, the real cost to me equals to what I can extract out of it by selling.)

NOte - keep things that you find interesting - that is what a business is partly about.In summary, sharpen your job to cut your hours or boring tasks to extract maximum salary and benefits and enjoyment.

No C- or D areas.Considering the rule-of-thumb of subtracting 50% of the gross rent tocover expenses, and considering that I need at least 10% NOI, I am looking for properties with 20% gross rental income.I would buy cash, and see later if i can get the Fanny Mae delayed financing to extract cash back out of the property to be able to buy more properties.Any suggestions?

Extracting lessons from both camps would be very instructive - but for the sake of time - let's only consider his fans.His fans believe Jobs cared about them and are more than happy to be apart of his tribe.

How much of that $300K in equity you can extract depends on the value of the house.

It points directly to conflicts of interest and non-aligned incentives that owners and PM's always potentially have (particularly those PMs running in-house maintenance operations from which they extract profit directly tied to the amount of usage).You did qualify that by saying they're doing the same with their own units, and I can relate to the idea of trying to push your building into a higher rental tier, which will likely involve removing your lower-tier tenants who likely wouldn't qualify at the higher tier.

Not sure how much actual cash you'll be able to extract.

I’m interested in what others have done in regards to extracting equity from a primary residence to fund the purchase of an income property without going cash broke.

There is a large amount of money in blue coller neighborhoods, you just have to know how to extract it :) In my area though, the low income rentals sell a lot quicker than the newer rentals in great neighborhoods.

But, still I cannot shake off my suspicion that this PM teams up with this tenant to extract money from me.