You need a seller that has to sell versus one riding a wave of an upmarket wanting to get a premium price.There is the component of you living there.

I'm researching PMs in other markets we're considering buying in, and have seen some PM sites with info for prospective tenants. When I look at their apps, I have seen some with the following type of set up:

...

Entity-wise, you need to differentiate between those because taxes happen differently on passive versus active holdings (the properties would be passive, the business would be active).For general help on LLCs for rentals, I wrote an article that may or may not help, but the comments are helpful too-http://www.biggerpockets.com/renewsblog/2013/08/17/rental-properties-llc/Good luck!

What typical LO's generally do not look at is the opportunity cost of putting down 20% versus 5% down with no MI. 

I would say if you are in Northwood you can expect a different experience versus other parts of Frankford.

(like the one's you put through a window) I was thinking of doing this because the cost of ac will only be 500 versus the central ac costing 3k and it will cool 1200 sq feet .. plus it only uses 1200 watts versus 3500 watts on a central a/c and I do plan on keeping the house for at least 5 years or more, maybe when i sell it I can install a new central air or ductless system.

@Scott Swink The reason behind the 3/1 ARM is my lack of credit score, the loan officer said I would qualify for 4.25% if I had taken student loans versus working my way through college.

I have found some banks at 40 to 50% down for foreigners but that kills your returns.I do have other Canadians that might look at partnering but getting everyone on the same page with risk versus quality of the asset is the hardest part.

The key is how you pay to get them out versus what time of the month it is.

What midwest community has continual great cashflow year after year versus Vanilla Ice ( one time hit ) c.)