hi Noe,Thanks for replying as of right now they have 16 units rented and they are gonna finish the renovation in a month or so what they tell me is they will have 85% of the units rented with in that time frame they dont have a management company in place and i would have to get one  taxes are 15k and insurance is 12k  that is all i have on the numbers at the moment.

However, being a hurricane target area I know any house will require expensive flood and wind damage insurance.

@Jonathan JohnsonAsk for a copy of the trailing 12 numbers for the building.  2015 P&L and Tax Return if they will give.Find out about property taxes and insurance.  

With taxes, HOA's and insurance your bills would come to about $200/month.

This could be a reputable company or a licensed, insured individual taking on their own work.Thanks!

Is there a reason why you wont use the proceeds from your primary residence refi as your down payment for the second rental? 

So, if this were in my county, that would only leave $1,500 for title search, title insurance, appraisals, inspections, loan fees, commissions, etc.  

Also I would suspect Within sfh that if an area close by is popular or up and coming you should see some uptick in demand for your sfh and you shouldn't see the fire sale mentality that you get every so often when one you have a unit in a condo type setting for example that you're trying to get rid of.I think it's a great idea for you that continue to take your time improve your skills and knowledge of Real Estate and then proceed forward once you have a greater level of comfort so kudos to you.

After a months work to raise the rent, change the Home Owners Insurance company, get an Appraisal and maybe pay down a little on the mortgage to remove the Mortgage Insurance, I should be able to show up to $300 a month Net Rent.

She proceeds to ask me if there would be a way for me to assist her in acquiring an REO home.