From my viewpoint as long as you're not losing money ( please take into account the future capital expenditure) then you're getting a free education. if you can get out, make up your mind and get out , else continue on and look for other ways to get cash flow from this property.

Taxes, distance from attractions, internet service, age of property and recent capital expenditures will need to be considered on each deal.

You would have to reach out to your network in MI but if you collaborate with them in some type of partnership I think it might be a good first investment tool to utilize.You would minimize your risk by partnering, reduce your capitol expenditure, taxes and you'd have eyes andears on your investment.

This method will provide us with cash up front, higher rent, and an opportunity to sell the property sooner without additional expenditures on such things as advertising.V.

Originally posted by @Linda Lovely:Sell 12 doors.The road to bankruptcy begins in earnest when one starts to maX out credit funds to fund capital expenditures.   

But really depends on the specific situation, your relationship with the seller, Sellers motivation ect...Also keep in mind this does not factor in what the potential capital expenditure or rehab cost will be.

When I say they will cash flow $100/month, that accounts for an expected average of all expenses including: mortgage, taxes, insurance, vacancy, repairs, capital expenditures, etc.

I aim ever so slightly higher in the expenses category, estimating 11% for total property management costs (including leasing fees) and 15% for repairs/cap ex (though one could argue capital expenditures will be about the same regardless of the rent amount).

You want to know the price of the property, full rehab costs, and long term capital expenditures before you sign as the buyer. 

The more money in the bank the better, and keep a reserve for your maintenance/repairs and your capital expenditures, like replacing a furnace, or a roof and you will be okay.