What is the average cap rate/% rule for the area?

PROs:Adds a level of professionalismAccess to MLSNetworking with other agentsAccess to resources of TREC, TAR, NAR, SABOR, & other groupsListing your owner propertiesAbility to earn commissions (or given them up in order to get a deal)Ongoing education that keeps you at the forefront of the market, legal issues, & trendsCONs:More liability (assume professional liability)Some people just don't like RE agentsRealtor - often considered the last bastion of hope for people who have failed to launch a  successful career in anything else.Dues, Fees, Insurance, Expenses in GeneralSubject to rules and laws that don't apply to non-realtorsHaving to work with TREC (they are just very slow and cumbersome to work with)For me, I find it worth it to be a professional in my field.  

It's possible that the configuration of the lots makes it difficult or undesirable to build what the HOA requires on those lots -- or is difficult to adhere to HOA covenants while still adhering to zoning rules. 

Create a subsidiary LLC in which the S-Corp takes a partnership stake in, transfer the asset into the LLC (not a taxable sale since the LLC is a subsidiary), and the avoid the disguised sale rules by not transferring the asset out of the LLC and into your personal name (assuming you also have a personal stake in the sub LLC) for a period of 7 years.

Thankfully my girlfriend is supportive of such madness.

Thank you all for the valuable knowledge and the supportive atmosphere!

However, an IRA can partner with disqualify partiey to invest in real estate provided certain rules are followed such as not using debt financing and the property may not be used by either party.

Ha ok so I'm kind of ruling out the 600k property unless maybe someone who has the house paid off will accept a low offer with owner financing, kind of a long shot though.

Specifically looking at duplex to quadplex investing but am not ruling out single family houses.

Let's rounded to $400/mo/unit to simplify the numbers.That is an income of $1600*12/yr from rent ~= $19,200Now, expenses:Maintenance: $9,600/yr (50% rule)Taxes: Around 1% ( lucky New Mexicans): $1,700/yrMortgage Payment ([email protected]%): $763/mo ~= $9,150/yrInsurance: Around $1,000/yrPossible Cashflow per Year: 19200 - 9600 - 1700 - 9150 - 1000 = (-$2,250)A negative cashflow does not look so good, but here are 2 opportunities to increment it:1) Increase rents.