It is bad enough to reward criminal tenants but not having a eviction on their record impedes the rest of us from properly screening them in the future. 

I don't foresee myself buying a home in the immediate future, seeing as I'm currently broke and just graduated, but ideally I see myself buying and renting out multifamily properties. 

Saving money for the future is far easier to do with two, three or more income streams rather than just one.

Financial wealth is in your future 

Even though the application of a cap rate on future income is improper, if you are determined to apply the 3% spread rule, you might find a lot of success if you apply that rule to capitalized income upon stabilization. 

It would also be good to get some recommendations from fellow BP Members.A good test question to ask your future property management is to ask them the questions about the smoke detectors/placement.

I'm investing in real estate for the future, and hopefully for my kids' future. 

Don't know if you ever want to deal with that in the near future.

Hiring a PM at this level isn't too efficient, but it allows you to set a standard of what to expect from your PM (if you decide to get one in the future to manage your large portfolio;) 2) Great for learning the rehab.

The other very real option you have and one that will circumvent any future looming bubble is that you could consider refinancing.