Figure out how much you want to make and use a good deal analyzer and that is a way better/precise way to do it in my opinion. 70% rule is more a lender's number as @Crystal Smith noted. 

What size, because because a 240 Unit place will have a much different plan than a 10 unit place.How about this for a start.Rent units out as-is for whatever the market will bring and pay the loan, taxes, insurance, and maintenance.Pocket the difference and either use it to live more comfortably, or set it aside for another down payment.Take whatever tax benefits you can.If you want to go more in depth than something like that (a numbers based plan), I like to start with the existing chart of accounts as budget line items.Put down the amounts spent, adjust each year for inflation, and figure out when, and why money will be spent each year.As you spend your (future money in your mind) you are coming up with your business plan for that time period.Be sure to project REALISTIC income against your expenses and also project where additional cash will come from, Refi, Grants, etc...If you want to go the formal rout and use a software such as LivePlan without doing the budget part above first, your BizPlan may look like an empty box.

I don't understand these type posts asking for others to instruct exactly what to do, where, how, with whom, in short not even a treasure map but more a step-by-step "franchise" style assembly chart for how to become a REI bazillionaire.... 

That's why it is always good to base it off of market value, not what you pay for it.If you need to drill down on the taxes for a certain area or a certain property let me know, I can send you the breakdown.Also, I'll try to attached a chart that has the combined tax rates as of 2017. 

However, when I look at the charts on Zillow, Trulia, they say that home prices dropped quite a bit over the last 3 years and are now rebounding.

From what I was told, If you have less than 2 years of land lording the new lender may not use all the income coming from your previous rental property, only 75% to be precise.

Leave your emotions at home and let the money chart your path.

We have communicated date and time precisely and tenant agreed upon.

I love to see these kinds of charts at the end of year to understand the trajectory.I generally spend some time every weekend to account for all expenses that happened in that week and then sum it up every month to compare to previous month and plan for the next month.  

Additionally, not to be too precise here but let's say the equity pay-down the first year is $400.