I also did this with a 15yr loan because I am looking for buy and hold rentals and from what I have read, 15yr loans workout better for this if I can get a deal with positive cash flow.Purchase price: $70,000Down Payment: $14,000/20%Mortgage payments: $6,188.76/yr (PI $515.76/month @ 5% 15 yr)Rental Income: $15,600/yrVacancy 9%: $1,404Property Tax: $2,424/yrInsurance: $600/yrProperty Manager 12%: $1,872/yrMaintenance: $1,800/yr ($150/door per month, 100 for the 3br and 50 for the 1br)Utilities: $300/yr water (I guessed again)Advertising: $200/yr (the guy that made this had this in here; I figured PM took care of this?)

I am going to read into the FHA stuff more and see how it would work out for us.

One thing to remember about concrete - it always fails in tension.

PM is a very labor intensive and "boots on the ground" type of job, and the key is to hire and build your company with the best talent available.

As Steve said, the smell is pretty intense.

I'm a natural optimistic so I know it's all going to work out great.

How did that work out for you?

We met with realtors, turnkey companies, property managers for a quick but very intense tour of the city.

Try very hard to work out a deal with your landlord for an amicable early move out.

However, when things work out the CF is awesome!