Try to always remember and apply the KISS principle (keep it simple). 

Then think about if the property itself is a good candidate - this is the hospitality industry, principles of desirablity come into play.

When doing your calculations - be sure to include principle, interest, property taxes (what your new ones will be - not what the current ones are - because after 1 year they reset to what you paid on the property), property insurance, and a maintenance reserve (we use $100/door/month on maintenance).  

Many properties are NOT at 1% yet but rents are increasing rapidly with no predictable end in sight.

It's about partnerships and principles, not simply money

This will be an architecturally interesting building on 2+ acres with power gate at the road and fairly long driveway that sets the house out of sight from the road. 

You need a working knowledge of real estate principles, real estate finance and real estate law.  

I noticed later the principle wasn't going down then realized the terms were 'interst only'. 

Hi BP,My partner and I have set our sights on purchasing our first investment property in the central Oklahoma/Edmond area.

I had inspector roll up for inspection, I came walking out, she got out, looked up and yelled "oh hell, James, why didn't you just say ti was you" and started signing the paperwork as passed right there sight unseen.