Normally, when you buy a property on a Wrap and you have a renter in there, it is simply treated as a rental with the same consideration as any other way you'd finance a rental.

With that said, I was wondering if anyone has any first-hand knowledge to fill in any gaps that you can't really learn when simply educating yourself?

I wouldn't phrase it as a rental property you want to occupy, instead I would phrase it or simply look at it as owning a second property you want to occupy.

I personally would not invest today but that is because the cost to get in is simply too high in MY AREA.

I don't think it is so cut and dry.... 

Are you looking for a value add MFR or one you can simply buy for cash flow from day one?

The major problem with investors wanting to reduce their leverage is they are simply buying their own income/cash flow.

Then, once each rental is done this way and applied to income or debt, they are going calculate your DTI and qualify or deny you based on the DTI requirements of that particular loan program (28%, 30%, 35%, 40%, 60+% back in 2005, whatever).The above underwriting method is know as "washing" the debt of each rental property with its income.Another way that they do it is they simply take the PITI of each property straight to the debt, and the rental income from each property straight to the income (usually also reduced to 75%); rather than washing it first.It is advantageous to the borrower's qualifications to "wash" the PITI with the rental income and then apply the remainder, whether positive or negative, to income or debt. 

It is simply a means of allowing us to more easily compare properties whether they are similar or not based on the value created per dollar spent on a property. 

I see a lot of newer agents if they don't have a warm market or sphere to tap into.. they will get on a big producers team.. this can jump start you.out our way agencies have lead creation systems and will literally hand you web leads for listings or sales.My wife had taken a few year hiatus and to kind of jump start ( her normal business is referrals) but she wanted to work some leads and get going and it worked very well she made many sales and got a few listing which in this market is simply money in the bank. find your niche.. and remember 95% of agents all try the same thing.. you may want to specialize.. and commerical agents though dog tough to start if you make it.. its a really good business once your established.