First, Rentometer is great for a ball-park figure, but it doesn't take into account a lot of information on the house (type [SF vs. duplex], square footage, condition, finishings, etc.)I would recommend reviewing rental listings on Zillow/Craigslist that are comparable to your in-laws house so you can get a better idea of what rents would be. 

Don't forget to take into account all of your expenses if you're doing buy-and-hold (especially in Columbia, MD with the Columbia Association fees on top of any other special tax assessments that may be there). 

He was not the only contractor at the time that gave me a $300/day figure.I started a business selling and installing accounting systems.

Never count your commissions until they are deposited into your account!

Plus, you'll want to create an upfront operating account of 1% to 5% of the purchase price to cover unexpected expenses before you've accumulated enough money for the $250 to $300 savings.For SFRs or smaller multifamily, as you said, it depends.

Property Taxes Homeowner's Insurance$0a monthSee Escrow Account on page 4 for details.

Should I let the bank know that is where I plan on obtaining funds for my down payment or should I go ahead and pull out the amount and put in my bank account before applying for financing ?

I am a 20 year old aspiring real estate investor and I am currently a sophomore in college studying accounting.

@Courtney M.Lot's of great suggestions on the forum:Seller carry/finance: Seller may benefit from deferral of gainsHELOC: if for investment, tax-deductible even post reform401(k)Loan: up to the lesser of: (a) 50k and (b) 50% of account value.

Account Closed, and Geetika Casmon.