It was amusing watching some  come to the auctions, back when they were live, thinking they could buy good houses for $200, because they saw all these foreclosure sales "for $100" going back to the lender, under the same circumstances.

I have been doing them one at a time, because I am using my own cash to purchase the property and fund the renovations.

Your property management costs should be under 12%, and you might get a slightly better rate as a quad.Since it's not owner occupied, you won't be able to get 95% LTV unless you get some seller financing, or if family/friend will loan the final 15%.You can get conventional financing for 5% and don't have to live in I am using it for a  house i'm buying  up by UCF.

Well technically I am using part of savings.

A similar claim, but not related to your question, that I find amusing is the guy who buys a tax lien that may get redeemed in a month, or a similar low dollar quick pay out deal, and he gets 2.5% in a month........he then brags about his "30% annualized return".  

If I am using an established property management company, do I still need to worry about utilizing a real estate attorney?

Brian,I am using the tools at http://www.finestexpert.com/Home/Index which show the actual rental comps in the area.

Are you a music teacher, a plumber, a stock broker....that gives us some idea where you might "enter" investing.

I am using podio for my proccesses.

The lawyer I am using is not responding to my calls.