@Tyler HuntingtonI will assume your pro-forma on the expenses is accurate, and there are no common areas where you might need to pay for electric to a light or two; tenants pay for water, sewer, trash, etc.My suggestion is to look hard at your acquisition costs.  

Whatever you do make sure to calculate all those costs in your pro forma

How about reaching out to a few investors on Bigger Pockets that you hit it off with to form a Manifestation Support Group, help each other be the very best you can be.

There are a few "loopholes" if you will...1) The association approving the lease could be considered a form a discrimination or "first right of refusal" which in some states/cities is against the law, regardless of what the CC&Rs say for the Association.

Another big thing is looking at the pro forma looks like for the deal that you would be entering into. 

Lawrence,Your analysis looks like what I would have done assuming those are the actual numbers and not the pro forma.

Basically this career politician who knows nothing about business is doing away with almost all of the incentives for Ma and Pa investors to provide housing at a time when the country is in dire need of more housing...SMH these are not "loopholes" they are incentives to provide housing.

Don't base your purchase off pro forma!

I ran the numbers on all 5 properties together and this is what I got:Monthly Income: $6,050.00Monthly Expenses: $4,887.45Monthly Cashflow: $1,162.55Pro Forma Cap Rate: 7.28%NOI: $29,862.00Total Cash Needed: $174,000.00Cash on Cash ROI: 8.02%Purchase Cap Rate: 10.74%Down Payment:$31,000.00Loan Amount:$247,000.00Loan Points:$0.00Loan Fees:Amortized Over:30 yearsLoan Interest Rate:5.000%Monthly P&I:$1,325.95I over estimated for repairs and other fees and underestimated cost of rent.

Can this direct mail expense be attributed directly to the purchased property in some form as an expense?