I have a client that bought a condo to rent after living there and the HOA ended up outlawing rentals.

We bought this rental in the fall and had it rented.

I'd say most people in my neighborhood rented for a period before moving in.

I am new to the world of real estate investing and want to one day own properties and rent units out.

As for rent, the three parties agree on a fair rent for the apartment and that is what you pay the partnership every month in rent.

@Tamika Davis One of the biggest advantages of most software on the market is to complete these tasks you mention (maintenance, leases, rent collection, etc). 

Seem like a silly question but I'm renting out my first rental in the Bronx.

I currently live in Greensboro and own one property I live in that Im planning to rent out once I find the next.

I plan on renting a unit and probably getting a roommate or two in my unit to maximize cash flow early on.

Nonetheless, you can base the DSCR calculation on PadSplit rent (if there's a history of PadSplit income being produced) or short-mid-term market rent (an analysis done at the same time of appraisal).