I have built and sold 3 others and fixed flipped 1.

Your tenants need to buck up and take care of the bugs.

Just to close the loop and shout out to @Mary Ainsworth and @Shawn Parsh for your input/advise.

So you take the "total rent" from all units and divide by the ARV.

I have some W9s and some I don't. 

You just have to try it and learn what works for you.

With that being said I have expanded my search and have been looking in Omaha, NE.

Patience can be your best friend and if you attempt to over leverage a property it can come back to hurt you.Some will recommend buying subject 2 where you could take over an existing mortgage that could be at a substantially lower rate - but if the lender finds out and calls the loan that could also be very bad.

My goal is to build a sustainable rental portfolio that provides great housing for tenants and solid financial returns.I’m looking for advice, insights, and connections from experienced investors or local professionals.

I personally own/live in a historic home and I can promise you this: it will cost you more - a lot more - to renovate and maintain the property.