I don't have the ability to bake cookies and run them over.

Plus,  if you have the ability to do another FHA 203k, it's a no-brainer.The low down payment is unbeatable, and then add on that the bank will all finance the renovation!  

However, be mindful of the Section 461 business loss limitation, which could restrict your ability to deduct excess losses in a given year, depending on how your rentals are reported.This post does not create a CPA-Client relationship.

(May also cut significantly into the current cash flow on it)I know you mentioned not doing a HELOC on my primary, but wouldn't it be advantageous to have the ability to pay off the line of credit instead of be stuck in a payment that is much higher? 

Your ability to connect with them on a personal level matters more than your offer.Think about it:  • The “Used Car Salesman” is only focused on closing the deal as fast as possible.

We are able to get great incentives and the ability to own an investment property that take a very light maintenance budget for the first few years is a huge plus.  

The increased cash flow and the ability to pay down the loan more quickly are the biggest draws for me.Am I underestimating the time commitment of managing a multifamily property?

But the risk to the seller on this deal is immense you have a guy tying up a property who has no ability to close it and then sell it to whoever will give him money and that person could be nefarious get into title rip rents could give 2 craps about the sellers credit etc etc..

Being in the Army limits my ability to travel and explore markets firsthand.

I believe it is completely reasonable to have a clause in your lease that places a cap on utilities with any overage (proven by a bill) being the responsibility of the resident.Our clause states that any electrical bill (we don't have gas, and water has never been a problem) that is over double the same month's bill from last year will have the overage assigned as a fee.It is important to keep your bookkeeping straight if you do assess a fee.