I'm sure you know the adage: there are 3 sides to a story the 2 opposing views, and the truth.It's my nature to read a lot of stuff, formulate my own hypotheses, and to test them.

Are there any posts here that discuss how to formulate a plan?

Not sure if I will be full time investor and stop retailing, but I am kind of leaning that way.There is a LOT of info here, just trying to digest it and formulate a plan.Once I think I have an outline I will share to get opinions, etc.

I can give you only a formulated answer since I don't know the condition and the age of the house, nor the niebourhood's desirability.Based on the 2% formula if you buy the house for $44,000, you need at least $880 in rent, but I would treat that formula with a grain of salt.

ALSO, you mentioned you paid cash for one so you are 'cash flowing all of it'.once again, you must factor in expenses that will come up....ALSO, you have to factor in that the use of your cash that you used could be working for you elsewhere (maybe a cd, stock, other homes, etc).to consider this, it is best to calulate as if you did have a mortgage on it to formulate your true cash flow.

I assumed I would need to buy them out, but I'm not sure as to how to formulate the proper offer.

I will watch and listen to whats going on at this site and start formulating a plan to take action - perhaps find someone who has done it before and bring them into or something.

It makes easier to formulate some questions.A spur of the moment opportunity gives little chance to prepare, but I wouldn't let that stop you from asking general questions and/or specific questions based on what you do know.Open ended questions are always good.

You may want to start here:[LINK REMOVED]Find a club close to the market you are interested in investing in, network with the members and you'll be able to get a very good idea how to formulate your buying/renting plan.Thanks,Stan

Since I haven't taken possession yet, I am still formulating my work plan.