Loan to value ratio: The higher the loan to value ratio (LTV) is, pricing takes a hit.

All you need is a 5% cash-on-cash return, which you can find in most markets. 5% of 4.6M = $230kSo it sounds like you can easily hit your goal.

Still looking to build my core four to hit the ground running in this promising market!

I'm leery of high leverage until I get my feet under me and some experience, so I'm aiming at smaller deals to learn the process before trying to hit a home run.

Rent is "paid" when they initiate transfer not when it hits my account because they have no control over the lag time.

I'm not trying to make this venture complicated or even hit home runs on every deal.

@Peter Mckernan hit the nail on the head. 

Best of luck breaking ground on your projects—excited to see you hit that 1,000-unit goal!

Most people can't afford that hit to their income.I recommend the two college towns, Tuscaloosa and Auburn, as having affordable houses, high rents, stable tenant supply, a number of very good management companies and landlord-friendly courts.

My purpose here is only to give other small investors the opportunity to have all the information which they are not disclosing so they can make an informed decision, something no one did for me.I will close saying as the stock market indexes hit new records every week, it is really rich of you to try the BS that you write in your email.