I like to see 3 times the rent in combined monthly income....in some inner city areas, i may bend that some if the potential renter has excellent job history in terms of tenure and references both working and personal.

The greatest lesson I've learned is don't fall in love with anything... don't fall in love with money, a property, seller, buyer -- anything.... stay focused and don't bend your business rules just because you "really love the deal". 

Take a few classes if you can; some situations are very, very tricky and some tenants are very savvy and will work it as best they can to bend the laws.

@Ben D. - First off, I agree with @Ruth Bayang, the primary goal with a live-in small-multifamily property is not to cashflow.

Get those behind you and lenders will have a more warm and fuzzy feeling about bending guidelines for you.Best of luck!

My name is JD Dennis, I am 23 years old and I am originally from Bend, Oregon.

I think with proper explanation, persistence, and continual persuasion, there is a possibility your wife will eventually bend.

So, I'll hire plumbers and HVAC people to get the advantages of their skill and experience and "buy my time back".I can design circuits and  pull wire, but not much good at bending conduit.

First off, it is so expensive, it makes little to no financial sense to have it, the deductibles are so large, it is very unlikely that you would have a total loss (with exception of the old apartment buildings like in the Northridge quake of 94.Most single family homes are built out of wood which bend and give.

if its real estate you want to get to know... you could simply get your license and work on weekends.you could offer flippers substantial discount on commissions to earn their business once your working with them you will be part of the team and just in the course of your working with them you will learn. go to the REIA's  there are always god ole boys that love to hear themselves talk and will bend your ear and give you free advice..just be careful of the users.