Coghill they are trying to take care of several things:1) Approval to access credit reportsA video tour of my home office (required by the credit repository to show security, so access to office & computers is limited to avoid data theft)Credit checks on me and my partner (required by the credit repository to make sure you are not criminals looking to steal others' data)Copies of the deeds for every property we own (required by the credit repository to confirm you aren't just self-serving)A copy of my partner’s home lease and utility bills (required by the credit repository to prove his legal address, so they can pursue him criminally if he steals data)Business phone bills (required by the credit repository to prove an actual business)2) Approval to use banking ACH system to accept tenant payments and pay ownersBusiness phone bills (required by banking industry to prove business legitimacy)A signed letter from the bank verifying our accounts (to prove legitimate business banking accounts.

This is our "8 x 8 project" - there, I've said it out loud to remain accountable! 

Then you need to account for soft expenses like Vacancy/turnover, maintenance, and capital expenses.

@Anita Z.I recommend finding an accountant who specializes in real estate taxation, tax planning and financial planning.

It’s like you bought the properties with a 30 year loan and are putting the rest in to a savings account.

DM me, and I will send you contacts for attorneys, lenders, and accountants they have previously used.

Quote from @Matt McNabb: I'm a solid $400k/yr job in NYC and have $250k to begin investing as my first step into building a portfolio, although I don't have time to be a landlord so I have to account for management fees.  

This doesn't account for transaction costs and reduction in leverage as you pay down the mortgage which accounts for closer to 2-3% less, so you 12-18%. 

Anytime... we have one accountant who focuses on our MHP and multifamily clients. 

-PatrickA high yield savings account has a number of advantages.