While I'm still very much in the novice stage, I'm slowly starting to pick up on some key concepts.

I have a full time job, and have owned and managed two three family buildings in East Boston since 2003, and 2005, so I'm not a novice, but by no means seasoned.The deal I'm looking at is a 5 unit residential north of Boston. 

Interesting, being a novice, Im definatly going to study your methods

The main problem I have with all the incorrect use of cap rates is that too many people use them on the forum to entice novices to buy their properties by making them think a 12% cap rate makes a property profitable. 

My objective is to have a net of $300-$400 per month (Rent-PITI) so that I could potentially buy more properties.I definitely sound like a novice investor, please advise!

I'm a relative novice investor but I have done several flips and currently have one rental. 

One of the biggest tips we can provide is to make sure you have someone with you at all times who understands the local auction process – especially if you are a novice buyer.

House Flipping Basics for the Novice Do your homework.Before you dive headlong into house flipping, it’s essential to spend some time researching it.

A SFH generally has 50% expenses and most SFHs are over priced for the rental market due to the fact that a home owner will pay a higher price for a home that a investor.Buying a $100,000 home and renting it for $800 - $1000 per month can work but many novice investors are paying closer to $200,000 and expecting positive cash flow with a rent of $1200.

Its just not recommended strategy for novice investors.