On that $51,000 purchase I did 100% financing, 6% 20 yrs private and it cash flows $409.00 and that is net before maintenance.

I am using the following numbers:Vacancies - low in my area so I'm using 8%Repairs  - 5% of rental incomeCapital Expenditures - 5% of rental income + 1% for every decade over 20 yrs property age (i.e. 7% for a 40 year old house)Management - 12%  (expecting 10% + 1 mo per new tenant)So this adds up to at least 30% of my income.  

Over the 3 yrs the son never stepped into an landlord role ever.

They will amortize it over 30 yrs, but very unlikely that you will get a 30 yr fixed.

I have two rentals in the area and I have been with www.overall-realty.com (Richard Overall) for the last 2+ yrs. 

It was bought by this person 16 yrs ago with cash and their taxes are current.  

Been in the location for 15 yrs and has a long term corporate backed lease.

My realtor has been telling me that investors and hedge funds have been drying up the area about 1.5 yrs ago.

I've worked with investors flipping,rehabs & new construction for over 20 verifiable yrs!

Our goal is to increase our net worth, to help supplement retirement income down the road and to currently provide a stream of cash flow to enjoy some of the finer things in life.We both work full time in professional careers and have so far found a way to manage careers and the real estate business while keeping up with two kids (15 yrs & 20 Yrs old).