I live in Washington State where housing prices are pretty high and couldn't afford a rental property out here so I starting looking on Zillow for places that were more affordable and came across Dayton and the numbers seemed work out so thought I would try my first rental out.

My advice is to have at least a 15% contingency reserve going into a rehab and your numbers should work out better.May your bottom line always be above the water line!

Tenant also havehis vehicles parked in their assigned parking space.the tenant complaining says it's facing them and it's an invasion of privacy.is this between the two tenants to work out?

This form is sent to the borrower, investor, and the summary form is sent to the IRS.Other fee for services may include door knocking, bankruptcy research and filing of proofs of claim, providing credit reports, workouts with borrowers, loan modifications, short sales, REO (Real Estate Owned) management, inspection services, foreclosure management, etc.SERVICER OF RECORD OPTIONA servicing company may also offer you the opportunity to do your own workouts with the borrower while using their license as “insurance” (this is what we meant by “insurance reasons”).

So my question is, where can I find analysis tools or spreadsheets that I can use to work out the numbers and put together a formal/semi-official/convincing package to present to the prospective investors?  

If it is, I plan to invest a lot more.How did this work out for you?

Going into partnership solely because you’re friends usually doesn’t work out well.  

The only disadvantage would be that you would most likely not be able to get financing for this property, but if you have the cash to invest, it should work out very well for you. 

Work out a deal that way.

I am not expecting things to work out as you implied but prepare a good exit plan.