Take this with a grain of salt.

I did notice it was written in 1999 so I'll take parts of it with a grain of salt but expect the overall concepts to work.Are there types of rental properties that are more desirable than others?

"All existing debts" does include PITI on the existing rental, which is then subtracted back off.Say:All existing debt: $7000 ($4000 on existing rental, $2000 on primary, $1000 car payment and credit cards)New rental PITI: $1000Ordinary income: $10,000Net rental income from new rental: $200 (rent of $1600 * 0.75 less $1000 PITI)So, DTI = ($7000 - $4000 + $1000) / ($10,000 - $1975 + $200)= $4000 / $8225 = 47%Take that with a grain of salt.

I'm for indestructible (after learning the hard way).Last time I replaced a counter in a college rental I had the carpenters use salt-treated wood and/or exterior grade plywood for everything out of sight.Spill your keggers on that!

(LOL) You get the idea, tenants will tell you everything, take it with a grain of salt too, size up those you'll be working with.This can be done before any contact concerning the sale.You can also get an idea of maintenance issues by looking, deferred maintenance matches what is claimed?

Perry - I'm new to RE investing as well (and also from Chicago), so take my advise with a grain of salt, but I would try to hook up with an established wholesaler and offer to assist in their marketing efforts.

Although as with anything take it with a grain of salt.

.… Yes, searched high searched low – online reviews – take most with a grain of salt.

Understand I do not know much about residential financing, so take this with a grain of salt, but it may be worth investigating more:It's going to cost you money to refinance, and the long term effects of the higher rate are significant. 

……the water softener was constantly cycling causing insane water and salt use.