I'd love any further advice that you could offer to help me avoid financial ruin on my first deal.

I was in the process of negotiating a portfolio in Indianapolis and when I asked lender for preapproval letter he mentioned I can only finance a max of 4 homes which ruined those plans for me.

I would run the numbers with a higher vacancy rate... something like 10-12%.It doesn't ruin the deal, you just have to make sure that your math is figured reasonably in your analysis.Also, I usually figure net income (if I don't have real figures) at 45% of gross rents when working with apartment buildings because you will likely be responsible for common area and ground maintenance which is an extra cost.

Yeah thanks a lot I've changed a lot about myself, my credit score was ruined by my young dumber self but i have corrected it and trying to move forward and never backwards lol thanks again 

If you make a mistake and hire a bad Property Manager, it can ruin you for life.

And a big repair, like a roof or a furnace, can ruin your entire year. 

My concern is that the property taxes will only be at this level short term and then go back up and ruin the cash flow.Thanks

I don't mean to be negative here, but these things happen with real estate and is the reason we budget for things going wrong.It's hard enough to get insurance to reimburse for replacing HVAC when it's been ruined by lightening, let alone paying up front directly to a HVAC company for servicing, I guess unless something happened that would cause you to need servicing and is also something that insurance covers.your best bet here may be to find out what questions insurance has and ask yourself.

Try to avoid business with friends and family if you can, I’ve seen it ruin the best relationships.

The walls of course are ruined.