The game rules change and start making real sense starting around 65+ units, depending on the usaulal factors of course (location, demographics, jobs, companies, amenities, etc.). 

My initial impression of the 2% rule was that this rule was just that the rent should equal 2% of the purchase price.

As I look at the current asking prices and run numbers, I am not finding anything that makes sense. (1% rule is not happening and cap rates are like 4.25%-5%)I am new to this world, haven’t made a real estate purchase yet, but I am interested in meeting people in the space and learning as much as I can.

I would use the 70% rule as a rule of thumb.

The game rules are more advantagous once you get over the four-plex mind barrier.

@Joseph Lynch III If you purchased the property FHA, relocated to another state, and then are relocating back you might be able to get an exception to the 100-mile FHA rule.

I'm in the growth stage and I need leverage until I'm at the end of the Fannie Mae 5-10 rule (I'll keep going if they lift the rule or push it further). 

Thanks for the valuable feedback again @Chris Seveney, @Paul B. and @Jay Hinrichs.If I decide to do this with another partner (friend of mine) but no syndications is there a need to have the PPM and be compliant to SEC rules.?

The "plaintiff" claims they are following the rules but everyone else isn't, reduced income, ordinance violations, etc, etc. 

That is what I used and I added an addendum for additional rules and clarifications