,Consider downloading my "2013 Housing Market Forecast" to supplement your spreadsheet.Having a higher average rent relative to the average property value is good but only one part of the bigger picture.You want to consider the health of the local economy (jobs and job growth, employment trends, migration in and out, etc.)Next you want to consider the neighborhood, and finally a close look at the property itself in terms of cash flow, cash-on-cash return, and total ROI.I bought some property in specific parts of Detroit in early 2004 when things were looking 'up' for the city.

There are some tax reasons that you might want an entity as it might keep you from paying self employment tax, but I am not qualified to give you info on that and it depends on what type of real estate you are doing .

I checked employment and ownership of their previous rentals.

I think once we get through the historical seasonal downturn of winter, we'll start to see some local improvements in various large markets.While the economy has seen growth the past 3-4 quarters, the fact that employment is just starting to trend up is going to have a big impact on home sales, and in general, the more houses that are selling, the more stable the prices are going to be.Again, I'm no expert -- and I think we still have plenty of economic issues that will continue to plague us until they're adequately solved -- but I just don't think we're at risk of another major market drop in the next 12-24 months.

Go to http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Apply-for-an-Employer-Identification-Number-(EIN)-Online and it takes you thru the process.

(b) “Broker associate” means a person who is qualified to be issued a license as a broker but who operates as a sales associate in the employ of another.

Savvy real estate investors know that it’s best to employ a multi-pronged strategy to protect their profit including, everything from accurate sales comparables, to vetting and hiring trustworthy contractors, to making sure they’ve got the proper insurance and even that they have a solid exit strategy, should one become necessary.

If your finances / credit are a shambles and your current income isn't helping you sort it out,     then obviously you need to focus on gaining more income.Set your financial issues aside for now - they're not helping you - and learn to work around them.One of the biggest newbie mistakes is thinking that you need your own money and sterling credit to get into REI.While those certainly do help, if you don't have them, you need to find a different solution.Learn to attract and engage private lenders.Folks with large retirement accounts - medical people, attorneys, ... high-income professionals who may or may not be self-employed - need alternatives to the risks, whims and paltry ROI of Wall Street.

As I am new to the area, I would like to get some good macro data on Cleveland (i.e. vacancy, employment, MF supply/demand) as well as more neighborhood specific data to determine where best to start hunting for properties.

Though it is relatively small area.I am currently self-employed.