@Tara Faulks First, I would add that using a Cap Rate as a Cash on Cash is incorrect.  

Make your letter of intent based on a cap rate.  

Hey y'all, can you please clarify what the difference between a CAP rate and cash on cash return is?

It is also key to note that debt service (mortgage payment) is not an operating expense, and there's good reason for that.So, if a duplex receives $60,000/yr in rent, has $10,000 in operating expenses, or $50,000 in NOI (revenue minus operating expenses), and it is worth $1M, then it has a cap rate of 5.0%.This is true whether you purchased it with cash or with a 75% loan from the bank because debt payments are not an operating expense.

Kiawah has implemented a cap on the number of rentals.

You'll also hit a cap on how many mortgages you can get, so you may start 1031ing your 8-10 100K properties into higher value ones for example.

By employing a capable property manager, you can confidently navigate the complexities of property investment, secure in the knowledge that your financial interests are being carefully managed.Maintenance and Property Upkeep:Timely maintenance is absolutely crucial for preserving the long-term value and appeal of your property.

With the combo of renting out mid- and short-term, it's possible to get a cap rate around 5-6% or more and ROI in the double digits.

Building a capable team, establishing relationships, and having prior experience can give you the confidence you need to submit offers and move forward.

Just looked at another one today with an estimated NOI for about $4k from a $1050rent, now if I can just get the purchase price accepted at a cap rate closer to 10%......