Weather or not you put 20% down to avoid PMI is purely a math personal decision that you have to make. there will be some folks that tell you 20% down is better and others that tell you go as low as you can.  

We have had numerous water issues, from roof leaks, to plumbing issues, to tuck pointing all pretty much associated with the age of the building. 

Had tenants in it before and they didn't see any water dripping or anything like that. 

If not interested in sanding (and I don't blame you) you could try TSP and water.  

Daniel,have to know how the numbers break up, as Kevin was saying, did you include management, electric, gas, lawn care, leasing fees, water and sewer. if you do not hire a property manager are you taking care of managing the property yourself ?

After executing a contract with a seller and passing the inspection period the title search turned up a second mortgage that puts the seller under water on the property by something in the neighborhood of $50k.The contract was in Florida done AS-IS.Do I have any ability to force the sale to be completed and acquire a clean title?  

Most people will get these to minimum occupancy standards (e.g. sturdy floors, no roof leaks, working plumbing, hot water, air conditioning / heating, etc) and then rent it.  

From a pure financial standpoint, assuming all houses cash flow well, it is better to have 5 houses than one.

The boat slips are rented seasonally, paid up front, and currently generates $2,000/month (when averaged over the year).Total monthly income: $11,250 ($135,000/year)Expenses run very low, from what we can tell, listed annual expense:RE Taxes :12,000Insurance: $6,500Water + Common Electric: $3,000 (heat and hot water is paid by tenant)Maintenance + Repairs: $2,000Management: $10,000If we do 40% down ($700,000) and finance $1,050,000 @ 4% over 15 years: $93,300.Add for vacancy, misc, etc...  

I decided to just book an inspection since I needed to get some pics of a water heater I need to replace (with the one tenant that has not been visited recently).