Income: Verified monthly income must be at least three times the rent (minimum $4,200 combined).

@Jeanette LandI always recommend using a tax professional.

SDE = Net Income + Owner’s Salary + Non-Cash Expenses + One-Time Expenses + Income Taxes + Discretionary SpendingIn my case, I purchased mine at about a 4x multiple of SDE for $190k. 3.

What paperwork should I keep a paper trail of to make things like taxes and other situations better/easier for myself?

I would reinvest in a another property and use a 1031 exchange to detour taxes.   

However, this means you’ll need to comply with the annual filing, franchise tax, and reporting requirements in both states.

Examples:44109 (median home price went from roughly 50k to 125k in 8 years)https://www.zillow.com/home-values/77009/cleveland-oh-44109/ 44102 (median home price went from roughly 30k to 120k in 8 years)https://www.zillow.com/home-values/77002/cleveland-oh-44102/ 44106 (median home price went from roughly 100k to 200k in 8 years)https://www.zillow.com/home-values/77006/cleveland-oh-44106/ It has the highest rents on average in all of Ohio for major cities and the median income is not even in the top 3.

We invest in Greene County, Ohio and currently have 24 low income units. 

In the unfortunate event someone passes away and the property transfers via probate or a will, that fair market price gets "stepped up" so no taxes are paid.I would check with a CPA, but this is my understanding.

@tom shallcross summarized this well in another post and just inflate your numbers up for a $665k purchase price and $2300/mo per unit for rent.Borrow 80% which is like $3700/mo for Principal, Interest, Taxes, and Insurance.