I live in Cincinnati, which is 50 minutes from Dayton, but it wasn't an unsafe area to live in.  

I hope I am within the rules.  

Like interest rateMaybe consider $50/unit per month for water usage or 10% for vacancyRent amount via ?

Then they may go to 60%, could be 50%! 

The max LTV is 50% (chose between a fixed rate or adjustable) as long as it is free and clear.

If you are a realtor with a portfolio of 5-50 unit properties in the Houston/Dallas area I would like to speak with you.  

You'll need a lawyer and accountant to decide the best way to handle ownership since there are rules surrounding syndication (though it doesn't sound like that's really what you're are doing.

I have read the rule of offering 70% of the ARV minus repairs.  

At that point you can make the rules for the TB.

Then you can easily get confused with the rules that often seem contradictory.If your goal is to get a general overview, the BiggerPockets bookstore sells two books on REI taxes that are an easy read, unlike the Vernon Hoven book recommended by someone earlier.